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Intex Mobile, Saniv Goenka's New Rising To Own Rajkot, Pune IPL Franchisee For 2 Years

The Sanjeev Goenka-owned New Rising consortium and mobile phone manufacturer Intex on Tuesday (08 December) joined the high-profile IPL bandwagon as Pune and Rajkot became the two new franchises, replacing the suspended Chennai Super Kings and Rajasthan Royals for a period of two years

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The much talked about Indian Premiere League (IPL) has now got two new franchisees under the reverse bidding route. These two new IPL teams will be based out of Rajkot and Pune as a replacement for the two suspended IPL teams of Chennai Super Kings and Rajasthan Royals. Both these new franchisees will be operational for two IPL seasons - IPL in 2016 and 2017. While the Intex group bagged the Rajkot-based IPL team, Kolkata-based business tycoon Sanjiv Goenka's Sanjeev New Rising won the bid for a team based in Pune.

Under the reverse bidding formula, Intex group's bid was for Rs 10 crore for the Rajkot team while RP-Sanjiv Goenka group won the bid for the Pune-based team for Rs 16 crore. The base price for the reverse bid from the central revenue pool was Rs 40 crore, and the party that bid for the lowest share from the central revenue pool was to be the winner of the new team.

IPL's 2016 edition to be held from 9 April to 29 May, it was announced on December 8, 2015. The IPL auction for the players will be held on February 06, 2016 in Bengaluru.

It should be noted that the RP-Sanjiv Goenka group is also the co-owner for the Indian Super League (ISL) franchise Atletico de Kolkata, alongside former Indian cricket captain and member of 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 was quoted on television news channels.

"Intex as a brand has been associated with cricket for a very long time," said Keshav Bansal of Intex.

The two new teams won't get a portion of revenues that established franchises get from the IPL's central revenue pool.

"They won't take a single penny from the BCCI. In fact they will pay the BCCI," BCCI Secretary Anurag Thakur told reporters after a meeting of the IPL Governing Council in New Delhi.

The bidding process for two was necessitated by the suspension of CSK and RR for the involvement some of their officials and co-owners in the 2013 IPL spot-fixing scandal, which was probed by the Supreme Court-appointed Justice (retd) R M Lodha committee. In October, PepsiCo pulled out as IPL's title-sponsor and was replaced by Chinese cellphone manufacturer Vivo.

However, both the CSK and RR will be allowed back in the league after serving out their suspension.

Players from CSK and RR will be divided into two groups of capped and uncapped 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.

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