New IPL teams to be named on Sunday

<img border='0' align='left' title=' ' src='' class='caption'> The suspense over the two new IPL teams, who will join the cash-awash event from 2011 season, will end on Sunday.

Updated: March 21, 2010 17:30 IST
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The suspense over the two new Indian Premier League teams, who will join the cash-awash event from 2011 season, will end on Sunday when bids from the proposed buyers open at an auction.

This will be the second attempt to find new teams as the March 7 auction had to be cancelled when the proposed buyers objected to bidding guidelines.

Earlier, Groups with a net worth of USD 1 billion were allowed to be part of the process and that too with a bank guarantee of USD 100 million. But now as per the relaxed conditions, the buyers are to choose from eight cities -- Pune, Ahmedabad, Kanpur, Nagpur, Indore, Cuttack, Gwalior and Visakhapatnam -- with an advance deposit of USD 10 million.

The base price for each new franchise would be USD 225 million.

The BCCI sources said 13 companies had bought the bid document and five bids were received by the cut-off time which ended on Friday evening.

"The auction could not be held earlier but this time we are sure of opening the bids to find out the largest bidder. But it is likely to take time since the IPL Committee need to peruse the documents and financial standing of the winners before being made public," one source said.

The bids will be opened on Sunday morning and results may be announced in the evening.

The successful bidders will be given 48 hours to pay 10% of their bid price.

Who Are The Ones In The Race?

Reports suggest that Ahmedabad, Pune and Nagpur are the ones in contention, with Kanpur having an outside chance.

Sahara India is keen on the Kanpur franchise. Chairman Subrata Roy wants to own a North Indian IPL team, while Gujrat-based Adani group will be bidding for the an Ahmedabad franchise with the blessings of Chief Minister Narendra Modi. Despite Managing Director of the company Rajesh Adani being arrested for customs duty evasion after they'd submitted a bid last time around.

Also in contention is Videocon. The consumer giants, represented by chairman Venugopal Dhoot have roped in Saif Ali Khan and Kareena Kapoor to add some glamour in their bid for Pune franchise.

Infact Pune is the most wanted franchise with horse breeder Cyrus Poonawala, Maharashtra Cricket Association President Ajay Shirke and Civil Aviation Minister Praful Patel part of a consortium.

Uttar Pradesh based construction magnates Jaypee Group are also part of the race.

As is Minister of State for External Affairs Shashi Tharoor, who's been tweeting about his interest in an IPL team for Kochi!

(With PTI inputs)

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