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Pune, Rajkot are bases for new Indian Premier League franchises

Image Credit: BCCI.

Image Credit: BCCI.

Sanjeev Goenka's New Rising won the bid for Pune team while Intex won the bid for Rajkot franchise for the next two seasons.

New Delhi: Pune and Rajkot became the new franchises of the Indian Premier League (IPL), replacing the suspended teams of Chennai Super Kings (CSK) and Rajasthan Royals (RR) for a period of two years, BCCI announced here on Tuesday.

Sanjeev Goenka's New Rising won the bid for Pune while Intex won the bid for Rajkot franchise for the next two seasons.

New Rising bid Rs -16 crore while Intex made a bid of Rs -10 crore in the reverse bidding process through which the new franchises were chosen.

"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 at the Taj Hotel here.

Pune and Rajkot will replace Chennai Super Kings and Rajasthan Royals. Both teams have been suspended by a Supreme Court-appointed panel as their team officials - CSK's Gurunath Meiyappan and RR co-owner Raj Kundra - were charged with betting during the 2013 edition of the tournament.

"I'm a big sports enthusiast and cricket lover, my passion is cricket so we had to win," Intex Director Keshav Bansal told reporters.

"It was a very fierce competition, exciting and thrilling. Very happy to be announced as the new owner of Rajkot team," Bansal added.

On Tuesday, five bids were submitted after a number of companies had shown initial interest. This was the first occasion 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.

To the surprise of many, Chennai company Chettinad Cement was among the unsuccessful bidders. A group headed by former BCCI president AC Muthiah owns Chettinad. Apart from Chettinad, the other two bidders in the running were RPG owned by Harsh Goenka and Axis Clinical, but all three quoted higher bids than New Rising and Intex Mobiles.

Both CSK and RR will return to IPL after serving their two-year suspension.

The new teams will now have the option to choose from top five players each from CSK and RR. This will be decided during a players draft on December 15. Players from CSK and RR will be divided into two groups of capped and uncapped and the top names will be sold through the draft system.

Both the teams will have a minimum of Rs 40 crore and a maximum of Rs 66 crore to buy their players.

As per rules of the tender document, which was floated to invite bids for the two new franchises, Goenka's Pune will have the first right to pick a player from the Draft since they submitted the lowest bid of -16 crore compared to Intex's -10 crore.

The combined players' auction including all eight franchises for the 2016 season will be held in February 6 next year, while the ninth edition of the tournament will be played from April 9 to 29 - beginning just five days after the ICC World Twenty20 final.

The BCCI is set to make a major gain as a result of two new franchises joining the league. However, CSK and RR will in all likelihood return after serving their two-year suspension.

"The two new bids will increase BCCI's revenue by Rs. 360 cr over the next two years," BCCI president, Shashank Manohar, said after the announcement on Tuesday.