Pune, Rajkot franchises in IPL

iplPune and Rajkot on Tuesday became the new franchises in the Indian Premier League (IPL), replacing the suspended teams of Chennai Super Kings and Rajasthan Royals for a period of two years.

The Pune franchise was bought by Kolkata-based business tycoon Sanjiv Goenka’s company New Rising, while the Rajkot bid was won by Intex Mobiles. While Goenka will shell out Rs 10 crore per year to the BCCI, Intex Mobiles will pay Rs 16 crore for the two-year deal.

“They won’t take a single penny from the BCCI. In fact they will pay the BCCI,” Board Secretary Anurag Thakur told reporters after a meeting of the IPL Governing Council.

The teams were sold through the reverse bidding process for which the base price was set at Rs 40 crore and bidders had to quote an amount less than that. The lowest bidder was given the franchises.

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