Pune and Kochi were announced as the teams that will be added in IPL and they will play from this season onwards. Sahara Adventure Sports Group bought team Pune for $370 Million USD and Kochi was bought by Rendezvous Sports World Ltd. for $333.3 Million. The event took place in Chennai at ITC Park Sheraton on 21st March 2010. This fee is for next ten years for each squad. The whole procedure was supposed to be done by 7th of March but it was delayed for 2 weeks.
It’s the success of IPL worldwide that led Sahara Group to invest in a cricket team of IPL. Beating some big guns of business, the Sahara Group managed to bid this deal in their favor paying $370m. Since the start of IPL in 2008, the market value of the IPL franchisees have risen sharply. The Sahara Pune Warriors is now the most expensive franchisee team of IPL valuing at `1,702 crore. The closest bid for the team was from the Videocon Group. Sahara Group is one of the established groups promoting sports in India. It is apparent that Sahara Group is also the sponsor of Indian Cricket team.
Sahara Pariwar announced to name the New IPL Franchise Team as “Sahara Pune Warriors”. The new team will be called Pune Warriors in short. There was a lot of speculation going on for the choice of name. Sahara India Pariwar decided the name on April 15, 2010. The name was decided after long discussion with the team management and directors.
In the grand event organised by the Sahara Group chairman of the Sahara Group, Subrata Roy announced the official name of the IPL Franchise Team. The new logo revealed by the Sahara Group includes the warrior sitting on the horse fighting the enemy. It also features the Shivaji Maharaj’s portrait. The logo of Sahara Pune Warriors was also released at this function.
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