Pune, Rajkot become interim IPL franchises to replace CSK, RR

Pune and Rajkot have become the new interim franchises in the Indian Premier League (IPL) through the reverse bidding process.
They will replace the suspended teams of Chennai Super Kings (CSK) and Rajasthan Royals (RR) for a period of two years.
The Pune franchise was bought by Kolkata-based company New Rising owned by business tycoon Sanjiv Goenka, while Intex Mobiles won the bid for the Rajkot franchise.
Mr. Goenka will shell out 10 crore rupees per year to the Board of Cricket Council of India (BCCI) for the Pune franchise, while Intex Mobiles will pay 16 crore rupees for the two-year.
Reverse bidding process
Both new interim franchises were picked through the reverse bidding process for which the base price was set at 40 crore rupees. The bidders were to quote an amount less than that and the lowest bidders were given the franchises.
Now, players from CSK and RR franchises will be divided between two teams of capped and uncapped draft system. The two new teams will have a minimum of 40 crore rupees and a maximum of  66 crore rupees to buy their players.
Background
Earlier, the Supreme Court-appointed Justice (Retd) R.M. Lodha committee had suspended CSK and RR after it was found the involvement some of their officials and co-owners in the 2013 IPL spot-fixing scandal.
The committee has suspended both teams for 2 years term and have been allowed back in the league after serving out their suspension term.

Month: Current Affairs - December, 2015