Two new IPL teams unveiled- 22 Mar 2010 00:00:00
Pune and Kochi have been announced as the two new team franchises in the Indian Premier League for the 2011 tournament.
Pune was bought by Sahara Adventure Sports Group for $370m and Kochi went to Rendezvous Sports World Limited for $333m at a Chennai auction.
The two new franchises will join the IPL from 2011, taking the total number of teams to 10.
Earlier this month, the MCC scrapped plans to buy into an IPL franchise and host matches at Lord's.
The new teams were originally due to be unveiled on 7th March but the process was delayed by two weeks after a dispute over financial clauses.
Sahara and Rendezvous were competing with three other companies, including the Adani Group and VC Digital Solution. Sahara made bids for Ahmedabad, Nagpur and Pune, before deciding to host its team in the latter.
Competition to buy the teams reflects the success of the world's richest cricket league, whose third season is currently underway.