The Pakistan daily The News carried a report which quoted a senior PCB functionary saying that the bids, which were submitted and opened on June 12, had not been up to the mark set by the bids committee.
"We don't want to sell the title sponsorship rights of such a high profile series for below our reserve price," the official said without going into the specifics.
The official said that fresh bids had been invited which would be opened next month.
"Basically we have a contract with our main sponsors Pepsi that they have the first right to match the highest bid submitted with us and if they can't match that price we can award the title rights to a party other than Pepsi," he explained.
He was optimistic that the fresh bids would match the expectations of the bid committee.
It may be noted here that the PCB raked in the moolah during India's 2004 tour of Pakistan, garnering a financial bonanza earning around $23 million.