11.30 am IST update:
Lalit Modi addresses the news conference. Says that there were five qualified bidders, which made the bidding very competitive. The highest bid was for Sahara Group was for $370 million for three cities, Ahmedabad, Nagpur and Pune. They went on to choose the city of Pune.
The second highest bid was by Rendezvous Sports Pvt. Ltd. They bid for Kochi. They made a bid of $333 million!
11.25 am IST update:
It is said that Sahara Group has won the rights to win one of the IPL teams. Sahara has won over the team from Pune.
It is also said that the other team will be from Kochi.
11.00 am IST update:
The two new franchisees for the DLF IPL will be unveiled today at Chennai. The franchisees were supposed to be revealed on 9th of March, but because of the problems with the rules in the tender documents, they were pushed back to this date.
It is said that there are five interested parties bidding for two out of the eight possible venues. The eight cities who could win the bid are Pune, Ahmedabad, Nagpur, Kanpur, Dharamsala, Vizag, Rajkot, Cuttack, Baroda, Kochi, Indore and Gwalior. It is said that Salman Khan, Suniel Shetty, Sanjay Dutt, Saif Ali Khan and Kareena Kapoor, are also in race for a team in the IPL.
A press conference will be made today at around 11.30 pm to announce the winners that includes the amount bid for, the winning franchises and the cities.
The base price for the same is $225m. Bids up to an amount of $300m are expected.
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