Expect Lalit Modi to have a strategy behind the announcement.
The IPL Chairman and Commissioner has stated that the new IPL franchisees will be announced on the 8th of March, 2010 before the IPL 3 gets underway. The bidding for the franchisees will become more specific by the 21st of February.

The idea behind the timing, as Modi puts it, is to initiate the two new teams to enter the fray for the IPL 4 in 2011 is to get a feel for the functioning of the IPL through the IPL 3.
At present, there are twelve Indian cities vying to become a part of the IPL 4. These include: Vishakapatnam (Andhra Pradesh), Cuttack (Orissa), Ahmedabad (Gujarat), Nagpur (Mahrashtra), Kanpur (Uttar Pradesh), Gwalior (Madhya Pradesh), Rajkot, Vadodara (both in Gujarat), Dharmasala, Pune (Maharashtra), Kochi.
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