The Board of Control for Cricket in India on Tuesday announced the new teams for the next two seasons of the Indian Premier League.
According to the board the two new teams will be from Pune and Rajkot.
Sanjeev Goenka's New Rising won the bid for Pune team while Intex won the bid for Rajkot franchise for the next two seasons.
Intex will have to pay 10 crores for Rajkot and New Rising will pay 16 crores for Pune. Both new IPL franchises will forgo the revenues that franchises get from the IPL's central revenue pool.
Pune and Rajkot will replace suspended Chennai Super Kings and Rajasthan Royals. Both teams have been suspended by a Supreme Court appointed panel as their team owners - Gurunath Meiyappan (Chennai) and Raj Kundra (Rajasthan) -- were charged with betting during the 2013 edition of the tournament.
On Tuesday, five bids were submitted after a number of companies had shown initial interest. This was the first occassion that the Indian cricket board followed such a policy to ensure that the valuation of the teams did not go below the base price of Rs 40 crore.The new teams will now have the option to choose from the top five players each from CSK and RR. This will be decided during a players draft on December 15.
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