Pune and Rajkot will replace the banned Chennai Super Kings and Rajasthan Royals in the Indian Premier League for 2016 and 2017.
The Sanjeev Goenka-owned New Rising consortium and mobile phone manufacturer Intex have won ownership rights of the new franchises. New Rising have picked Pune as their home base, while Intex have opted for Rajkot.
The new cities were chosen after a reverse bidding process. That means the BCCI offered the base price of Rs 40 crore per team and the franchises that claimed the least wins. Here, the bidding went into negative.
Pune went for (-) Rs 16 crore and Rajkot for (-)Rs 10 crore. That means New Rising will now pay Rs 16 crore to the BCCI per year while Intex would pay Rs 10 crore.
Chennai and the Jaipur-based Rajasthan Royals have been suspended by a Supreme Court appointed panel because their team owners — Gurunath Meiyappan (Chennai) and Raj Kundra (Rajasthan) — were charged with betting and sharing team information with bookies during the 2013 edition of the tournament.