Two new franchisees, based out of Rajkot and Pune, won bids to be part of the 2016 Indian Premier League (IPL). The two franchises will replace the Chennai Super Kings and Rajasthan Royals that have been suspended for two years for spot-fixing and betting.
The Pune franchise was bought by Kolkata-based businessman Sanjiv Goenka’s company New Rising. Intex Mobiles won the Rajkot franchise bid.
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.