Pune and Kochi have been announced as the two new franchises in the Indian Premier League.

Pune was bought by Sahara Adventure Sports Group for $370m (£246m) and Kochi went to Rendezvous Sports World Limited for $333m at a Chennai auction.

The two new franchises will join the IPL from 2011, taking the total number of teams to 10.

Earlier this month, the MCC scrapped plans to buy into an IPL franchise and host matches at Lord’s.

The new teams were originally due to be unveiled on 7 March but the process was delayed by two weeks after a dispute over financial clauses.

Competition to buy the teams reflects the success of the world’s richest cricket league, whose third season is currently underway.

“It’s fantastic that two new teams have come in, it will give more youngsters an opportunity to show their talent and that’s only going to be good for Indian cricket,” said former India captain Sunil Gavaskar in a statement on the organisers’ website.