Indian Premier League Governing Council have announced the two new franchises Pune and Rajkot for the next two seasons of IPL. Pune’s ‘New Rising Pune’ and Rajkot’s ‘Intex Rajkot’ teams will be seen playing in 2016 and 2017 editions of IPLT20 as both teams have replaced Chennai Super Kings and Rajasthan Royals in the league.

Intex Mobiles and New Rising are the companies who buy new franchises in Indian Premier League. The franchises were announced by following the reverse bidding process. The base price for one franchise team was 40 crore INR. In the reverse bidding process, Keshav Bansal’s intex Mobiles bought Rajkot franchise after bidding -10 Crore INR whereas Sanjiv Goenka’s New Rising company bid -16 crore to buy the Pune franchise.

IPL Chairman Mr. Rajiv Shukla explained reverse bidding earlier and said, “In a reverse bid, say for instance a company bids asking us for only Rs 20 crore from the broadcast rights, while another company asks for only Rs 15 crore.
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The one that asks for less money from us gets the rights.”

Pune’s bid is low in comparison to Rajkot, hence Pune will get opportunity to choose players first in the draft of two previous teams CSK and RR. This draft will take place on 15 December 2015.

After winning the bid, Keshav Bansal said, “Intex as a brand has been associated with cricket for a very long time. It was exciting process. We were the most aggressive bidders. We are pucca Hindustani (true Indians). Well give importance to Indian players first.
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The 9th season of Indian Premier League is scheduled to play from 9th April to 29th may 2016. The Vivo IPL 2016 begin just after 5 days of completion of ICC World T20. Players auction of new season will be held on 6 February in Bangalore.