Chennai Super Kings, Rajasthan Royals escape termination, two new teams to play IPL 9

Moreover, PepsiCo has formally pulled out of its contract as the chief sponsor of IPL. From 2016, Vivo will be the new IPL sponsor.

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The BCCI has decided not to terminate two suspended franchises, Chennai Super Kings and Rajasthan Royals.
In its Working Committee meeting on Sunday chaired by new president Shashank Manohar, the Board decided that instead, two new teams would be included in the IPL 9 season.
It was also confirmed that Chennai Super Kings and Rajasthan Royals would come back after their 2-year suspension is over. From 2018, the IPL would then feature 10 teams - the two new ones plus CSK and RR.
Moreover, PepsiCo has formally pulled out of its contract as the chief sponsor of IPL. From 2016, Vivo will be the new IPL sponsor.
The fate of the two suspended IPL franchises, PepsiCo's plea to withdraw as IPL sponsor and fixing the date of next Annual General Meeting topped the agenda when the BCCI's all-powerful working committee met in Mumbai on Sunday.
The meeting was originally scheduled earlier in August but was adjourned sine die after deciding to seek the opinion of the Supreme Court on whether N Srinivasan could attend the BCCI meetings as the authorised representative of Tamil Nadu Cricket Association in view of the conflict of interest issue.
Chennai Super Kings and Rajasthan Royals were suspended in the wake of Justice RM Lodha committee's report on the 2013 IPL spot-fixing scandal. It was earlier reported that BCCI members may not push for their termination when the Working Committee meeting chaired by newly-appointed President Shashank Manohar took place.
The IPL Working Group had suggested fresh bidding for two new teams to make it an eight-team IPL which is a must from the perspective of broadcasters and sponsors. It was also suggested that after CSK and RR complete their two-year suspension period, they would be re-inducted into the cash-rich league to make it a 10-team affair.