By: Express News Service | New Delhi | Updated: December 9, 2015 5:02 am
BCCI’s Shashank Manohar and Anurag Thakur.
Pune and Rajkot have emerged as the new franchises in the Indian Premier League for the next two years, the BCCI announced Tuesday. They will replace Chennai Super Kings and Rajasthan Royals, who are currently facing two-year suspensions imposed by the Supreme Court-mandated R M Lodha panel following the 2013 IPL corruption scandal.
Sanjeev Goenka’s New Rising won the bid for Pune, while Intex will represent Rajkot. Goenka owns the power and retail giant CESC Ltd while Intex makes mobile handsets and IT accessories.
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 the base price. According to the BCCI, New Rising and Intex were picked as they submitted the only “negative bids” — they won’t avail of BCCI funding. Goenka will pay Rs 16 crore for the franchise, while Intex will pay Rs 10 crore per year.
“They won’t take a single penny from the BCCI. In fact, they will pay the BCCI,” said BCCI secretary Anurag Thakur.
BCCI president Shashank Manohar said since the two new franchises declined to accept money from the central revenue pool, it will help the board earn profits in excess of Rs 300 crore.
- See more at: http://indianexpress.com/article/sports/cricket/pune-rajkot-set-to-replace-csk-rr-in-ipl-9/#sthash.30FrKmoc.dpuf
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