IPL to get new teams on December 8

Mumbai: The IPL Governing Council today decided to omit Jaipur and Kochi from the list of cities which will bid for new IPL teams on December 8.

The new teams will replace Chennai Super Kings and Rajasthan Royals, which are serving two-year suspension terms.

BCCI Working Committee had decided to replace CSK and RR following the interim report of the Supreme Court-appointed Justice Lodha Committee on the spot fixing and betting scandal in the IPL 2013.

IPL Chairman Rajeev Shukla informed that the process to find new teams will begin after November 15 and interested parties can seek clarification till December 4.

"The IPL Governing Council decided to leave out Jaipur and Kochi as franchise venues," Shukla said adding that "nine venues" have been finalised for bidding.

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"It will be a walk in bid on December 8. The base price for reverse bid from central revenue pool is Rs 40 crore and the party which bids for lowest share from central revenue pool will be the winner of new team. Invitation to tender documents have been finalised and will be put up for clearance before AGM tomorrow," Shukla said.

The classical definition of reverse bidding or reverse auction states: "In a reverse auction, the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins."

Five players each from each of suspended franchises would be put up for draft while others will be auctioned.