The New Rising group owned by Sanjiv Goenka and mobile phone manufacturer Intex have won the ownership rights for the two new Indian Premier League franchises for seasons 2016 and 2017. New Rising have picked Pune as their base while Rajkot will be the home ground for the Intex-owned franchise.

In a reverse bidding process deployed to choose the two new franchises, New Rising quoted Rs. minus 16 crores while Intex won the bid at Rs. minus 10 crores.

IPL Chairman, Mr. Rajeev Shukla, said that the two winners who will replace the suspended Chennai Super Kings and Rajasthan Royals were part of a total of five bidders, including Harsh Goenka’s RPG group, Chennai’s cement giant Chettinad Group, and Axis Chemicals.

The reverse bidding process meant that the candidates had to bid for lower than the base price of Rs. 40 crore set by the IPL. The lowest bidders eventually won the ownerships rights for the two new teams for the period of two years. Hence, the BCCI will receive an annual sum of Rs. 16 crores from New Rising and Rs. 10 crores from Intex.

Mr. Shukla revealed that New Rising also had Nagpur as one of their options, for which they bid Rs. minus 11 crores. Intex also bid for Nagpur and Visakhapatnam for Rs. 10 crores each. Chettinad quoted Rs. 27 crores for Pune and Chennai while RPG bid Rs. 17.88 crores for Pune and Rs. 20.88 crores for Rajkot. Axis’s bids were Rs. 15 crores for Nagpur and Kanpur, and Rs. 10 crore for Pune.

It was announced that the 2016 season of the IPL will be played between April 9 and May 29. The franchise workshop will be conducted in Srinagar on January 13 and 14, 2016, while the IPL Auction will be held in Bengaluru on February 6.

Each of the two franchises will get to choose five players from the pool of 50 (from Chennai Super Kings and Rajasthan Royals), out of which maximum of 4 Indian capped players are allowed. Pune will have the first go at the bid. The last date for them to draft their picks is December 15, 2015.