Chennai, Mar 21 (Agencies) : The suspense over the two new IPL teams is finally over as Sahara Adventure Sports (Pune) and Rendevous Sports Ltd ( Kochi ) are set to join the cash-awash event from 2011 season.

The highest bid was that of Sahara Adventure Sports Ltd for Ahmedabad, Nagpur and Pune for $370 million and they chose Pune, which received three bids. The second highest was Rendevous Sports Ltd who bid $333.33 million for Kochi .

The process was to be completed on March 7 but was postponed by two weeks after the bidders and the BCCI objected to stiff financial clauses.

Earlier, Groups with a net worth of $1 billion were allowed to be part of the process and that too with a bank guarantee of $100 million.

"The auction could not be held earlier but this time we are sure of opening the bids to find out the largest bidder. But it is likely to take time since the IPL Committee need to peruse the documents and financial standing of the winners before being made public," one source said..

The successful bidders will be given 48 hours to pay 10 per cent of their bid price.