The Pakistan Cricket Board (PCB) on Friday evening postponed its franchise-based Twenty20 cricket tournament for an indefinite period to solve some management issues, a statement said.

According to the statement, the cash-enriched tournament the Pakistan Super League (PSL) that was scheduled earlier to be held between March 26 and April 7 was delayed after sponsors and other investors demanded more time to submit bids.

To make maximum presence of international foreign players, the decision will also help PCB avoid any conflict of schedule with other cricket tournaments.

"Some scheduling conflicts that arose after PSL dates were announced could result in potential star players missing out on the opportunity of participating in PSL," PCB said in the statement.

Following a long drought of the international cricket at home the PCB officially unveiled its plan to organize PSL on January 10, inviting cricketers around the world to participate.

According to the basic plan, the league will consist of five teams with six foreign players in each side for the first three years. All the 23 matches of the event are to be played at a single venue, the most probably Qaddafi Stadium in eastern city of Lahore.

Pakistan is the fourth Asian cricket nation after India, Bangladesh and Sri Lanka that launched cricket league involving foreign players.

The decision came after the country failed to convince any of the first grade international cricket teams for a home series in Pakistan due to security reasons.

The league management offered a handsome amount of cash for each player in five categories comprising Diamond ($100,000), Platinum ($70,000), Gold ($50,000), Silver ($25,000) and Emerging ($5,000-10,000).

To shrug off the security reservations by the players, PCB Chairman Zaka Ashraf also offered foreign players insurance worth $2 million and tax free other incomes.

Regarding the interest of foreign players in the event the statement further revealed that over 80 foreign players had already signed to participate in PSL auction but the process of No- objection Certificates from the relevant boards was still underway and would require some time.