Two new teams introduced in IPL IV - HIGHEST BID
Pune and Kochi unveiled as new IPL franchises
Pune and Kochi unveiled as new IPL franchises, joining the tournament from the 2011 edition.
While Pune was bought by Sahara Adventure Sports Group for $370 million, the Kochi franchise was snapped up by Rendezvous Sports World Limited for $333.3 million.
In fact, Sahara had the highest bids for three cities - Ahmedabad, Pune and Nagpur - but it eventually opted for Pune.
Unveiling the winners at the ITC Park Sheraton in Chennai on Sunday, Lalit Modi, the IPL commissioner said, "There were five qualified bids and the bidding was extremely competitive. I hope they make good business."
He also indicated that the franchise fee for the two new teams was for 10 years.
The process was to have been completed on March 7 but was postponed by two weeks after the bidders and the BCCI objected to stiff financial clauses.
The IPL will now feature 10 teams and - if the current format is retained - a total of 94 games, from the existing 60. After the first season in 2008, the league has already expanded its reach to other centres such as Cuttack, Ahmedabad, Nagpur and Dharamsala.