The much anticipated and delayed announcement came finally as the IPL added two new teams for the 2011 IPL 4 season.
The IPL Chairman and Commissioner, Lalit Modi, announced that the Sahara Group ( Sahara Adventure Sports Group) and the Rendezvous Sports had bought the two new teams in Pune and Kochi respectively.
The bidding amounts combined overhauled the previous revenue from the eight team franchisees in 2008 giving Modi the opportunity to show that recession was not a concern for the Twenty20 league.
While the Kerala based business bought the Kochi team for $333.33 million (Rs.1.333.33 crore), the Sahara Group were given the choice to pick from Pune, Nagpur and Ahmedabad and they settled for the first at the cost of $370 million (Rs.1,702 crore), bringing the sum total to Rs.3,035.53 crore for the two teams as against the Rs.2,840 crore for the eight teams.
While Modi ruled out any immediate additions to the IPL teams, the future is still up in the air.
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Want an IPL Team in 2011 IPL 4 Season? Cough Up $225 and Then Some!
