IPL Governing Council ratifies expansion of league; two new teams for 2011

Mumbai: The IPL Governing Council ratified the expansion of the league with the addition of two new franchises in Season 4.0 in 2011. A price of US $ 225 million per franchise has been set as the minimum base bid price.

Current franchisees will be allowed to retain a few core members of their current teams, the modalities for which are to be announced shortly and a fresh re-auction has been scheduled to take place in the third / fourth quarter of next year in time for the new franchises to formulate their squads for Season 2011.