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The Indian Premier League (IPL) chairman Rajeev Shukla announced on Monday that two new teams will be replacing Chennai Super Kings (CSK) and Rajasthan Royals (RR) for the next two seasons of the cash-rich league. The bidding process will start on 15 November and the final decision will be taken on 8 December. 

The IPL Governing Council has also decided to remove the names of Jaipur and Kochi from the list of the bidding cities for the two new teams. There will be nine venues for the next two seasons of the IPL. 

The IPL GC followed the Lodha Committee Verdict on CSK and RR. As a result, these two franchises will be serving a two year suspension from the IPL. Although there are a lot of emotions that will work amongst the fans, they will have to witness the star-studded league without the likes of CSK and RR. 

Their favourite players like MS Dhoni, Brendon McCullum, Shane Watson, Ajinkya Rahane, Suresh Raina, Ravichandran Ashwin and others will be seen donning the jersey's of a new team. All of them might not get to play together but they will be available for the next two editions of the IPL.

Five players from each of the suspended franchises will be put up for draft and the remaining players will be auctioned during the IPL 2016 auctions, which will take place in February next year. 

"The IPL Governing Council decided to leave out Jaipur and Kochi as franchise venues. It will be a walk in bid on December 8. The base price for reverse bid from central revenue pool is Rs 40 crore and the party which bids for lowest share from central revenue pool will be the winner of new team. Invitation to tender documents have been finalised and will be put up for clearance before AGM tomorrow," IPL chairman Rajeev Shukla told reporters at a press conference on Sunday ahead of BCCI's AGM.

Also, there will be reverse bidding for the two new teams. The IPL Governing Council have also explained the the process of reverse bidding which will come into play soon:

"In a reverse auction, the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins."