Franchises
The winning bidders for the eight franchises were announced on 24 January 2008.[13] While the total base price for auction was US $400 million, the auction fetched US $723.59 million.[14]
On 21 March 2010, Pune and Kochi were unveiled as the two new franchises for the fourth edition of the Indian Premier League.
The base price was $225 million. While Pune was bought by Sahara Adventure Sports Group for $370 million, the Kochi franchise was bought by Rendezvous Sports World Limited for $333.3 million. The process was to have been completed on March 7 but was postponed by two weeks after many bidders and the BCCI objected to stiff financial clauses. The second franchise auction fetched total $703 million.
