IPL to announce two new franchises

The two new franchises for the Indian Premier League's 2011 season will be announced in Mumbai on Sunday.

The base price for the two new franchises, which would take up the number of teams in the IPL to 10, has been fixed at USD 225 million.

The terms and conditions for the bidding process have been made stringent with each bidder having been asked to furnish a bank guarantee of USD 100 million along with their bid.