Two years ago when Mukesh Ambani’s Reliance Industries Ltd made the highest bid for an Indian Premier League franchise (Rs 441 crore for Mumbai), many termed it as a gamble on a risky concept.
The IPL sure has come a long way in a short time, with the Sahara group on Sunday bidding Rs 1,702 crore for Pune and Rendezvous Sports World forking out Rs 1,533 crore for Kochi.
In fact, these two bids, worth a total of about Rs 3,235 crore, add up to more than the Rs 2,853 crore collectively paid by the existing eight franchise owners in the first auction.
The two new teams will become part of IPL in the 2011 edition. The franchises will be valid for 10 years.
IPL commissioner Lalit Modi said five eligible bids were received in all, which included Rendezvous Sports, Sahara, Aman Vohra, Adani and VC Digital. There was a dash of glamour with Salman Khan and Saif Ali Khan dropping in to represent some groups.
