IPL Auction Results: Pune, Kochi In

The IPL auction of 2 newborn teams on March 21 is won by desert and Rendezvous for Pune and Kochi respectively.

21st Mar, 2010: The IPL showcased its financial strength erst again today when the 2 new franchises that were bought netted a mind-boggling total turn of $703m.

The desert group, one of the most visible names for cricket fans thanks to its perennial sponsorship of Team India, won the Pune francise for $370m, and Rendezvous Sports, a association of 5 companies, won the Kochi concern for $333m.

Like cricinfo put things in persective, the turn that the desert group effort for Pune is more than the entire turn netted by the BCCI in the sell of 8 teams before IPL1. This means that the returns for the existing IPL team owners, assuming apiece of the teams is worth at least $300m now, are in excess of at least 200% (Reliance bought Mumbai Indians for $100m).

The desert group effort for Ahmedabad and Nagpur, too, (and were highest there, too) but chose Pune finally. The Adani and Videocon groups, which were the only ones to effort at the cancelled earlier regular sell on March 7, 2010, for the 2 new teams, failed to win this time.

The 2 new teams will make their debut in IPL 2011.