Pune and Rajkot have become the new franchises in the Indian Premier League (IPL), by replacing the suspended teams of Chennai Super Kings and Rajasthan Royals for a period of two years. Pune franchise was bought by Kolkata-based business tycoon Sanjiv Goenka's company New Rising, while the Rajkot was won by Intex Mobiles. Goenka will shell out Rs 10 crore per year to the BCCI and Intex Mobiles will pay Rs 16 crore for the two-year deal. The other three bidders in fray were Harsh Goenka of RPG properties, Axis Clinical and Chettinad Cement.

Players from Chennai Super Kings and Rajasthan Royals will be divided into two groups of capped and uncapped players and the top names will be sold through the draft system. The two new teams will have a minimum of Rs 40 crore and a maximum of Rs 66 crore to buy their players.

The RP-Sanjiv Goenka group is also the co-owner for the Indian Super League (ISL) franchise Atletico de Kolkata, alongside the former Indian cricket captain and member of the IPL governing council Sourav Ganguly and La Liga club Atletico Madrid.

"Sports is something we are getting more and more committed to and we have seen the potential of business in sports. We have already got into football, this is our foray into cricket," Sanjeev Goenka said after winning the bid. "For us Pune worked the best as it offered the best economic sense," Goenka added.

Chennai Super Kings and Rajasthan Royals were suspended by the Supreme Court earlier in the year as their respective owners were found guilty of betting in the famous T20 tournament. Both the CSK and RR will be allowed back in the league after serving out their suspension.

By Premji