Electronics manufacturer Intex has bagged the rights to own the Rajkot franchise for the Indian Premier League (IPL) series, reports LiveMint. Another team to be introduced, the Pune team, will be owned by Kolkata-based New Rising. Interestingly, Intex mentions that it does not expect to break even in the two years its team will participate in the IPL, instead it will look to minimize losses. The company will likely use this as a marketing tool instead, getting its brand name more widespread, while not having to spend that amount on advertising. The two new teams were decided through ‘reverse bidding’; determining the companies that would seek minimum central revenue from the BCCI, the amount paid by the BCCI to each franchise. Both companies choose to forego payments from the BCCI. The two new teams will replace Rajasthan Royals and the Chennai…
