The two new franchises that will join the Indian Premier League in 2011 will cost at least $225 million.
The base price has been set by the IPL, which will make tender documents available on February 21, and announce the winning bids on March 8 in Mumbai, Bloomberg reports.
The bidders will be Indian cities, which will host the new franchises. Expected to be interested in bidding are Ahmedabad, Nagpur, Kanpur, Dharamsala, Indore, Cuttack, Gwalior, Vishakapatnam, Rajkot, Pune, Baroda and Kochi.
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