BCCI Working Commitee: All you need to know about the crucial meeting

In what appears to be a major relief for the two troubled IPL franchises, Chennai Super Kings and Rajasthan Royals can finally breathe free after the Board of Control for Cricket in India (BCCI) decided against their termination from the cash-rich T20 league.

BCCI's Working Committee meeting, chaired by board's president Shashank Manohar, on 18 October sealed the fate of Chennai and Rajasthan who were in the spotlight after the sensational 2013 IPL spot-fixing scandal.

The BCCI has also decided to field two new teams in place of Chennai and Rajasthan for the upcoming ninth edition of the IPL. The Indian cricket board will now float tenders for two new franchises that will feature in the 2016 season.

"The Justice Lodha committee interim report will be implemented fully. The two franchisee teams, Chennai Super Kings and Rajasthan Royals remain suspended for two years. BCCI will float tenders and invite bids for two new teams to replace CSK & RR in the Indian Premier League for 2016 and 2017 (2 years), BCCI said in their press release.

Once Chennai and Rajasthan return from their two-year suspension in 2018, the IPL will then be contested between ten teams. The latest developments might have come as a relief for both Chennai and Rajasthan, but the idea of floating two new teams will surely be a challenge for the BCCI.

The Indian cricket board will not just have to find suitors for the new franchises, but they will also have to ascertain as to where the players for these teams will come from, since the IPL will feature ten teams from 2018 onwards.

Apart from the IPL franchises, BCCI also managed to draw general consensus on their next Annual General Meeting (AGM) which has been scheduled for next month on 9 November.

The board also replaced PepsiCo, who has amicably cut ties with the BCCI, with the Chinese mobile company VIVO as title sponsors of the IPL for the next two years.

Here's a look at the decisions taken by the BCCI during their Working Committee meeting in Mumbai today:

-The Annual General Meeting of the BCCI will be held on Monday, 9th November 2015 at the BCCI Headquarters, Mumbai.

-The Justice Lodha committee interim report will be implemented fully. The two franchisee teams, Chennai Super Kings and Rajasthan Royals remain suspended for two years. BCCI will float tenders and invite bids for two new teams to replace CSK & RR in the Indian Premier League for 2016 and 2017 (2 years).

-The Treasurer's Office will start operations from the BCCI Headquarters, Mumbai at the earliest.

-M/S Gokhale & Sathe has been appointed as the internal auditors of the BCCI. They replace M/S P.B Vijayragahavan & Company.

-The Board has appointed M/S Deloitte for 'Project Transformation'.

-The Board has appointed M/S Price Water House Cooper as the independent agency to due the diligence for the utilisation of funds provided by BCCI to the state associations.

-BCCI rules regarding conflict of interest and the amendments to the Rules and Regulations of the Board are being proposed for the consideration at the Annual General Meeting.

-Revival of the National Cricket Academy as the centre of excellence is the top most priority of the BCCI. Board will look at the lands offered by KIADB. Mr. MP Pandove (Chairman NCA ), Mr. Rajeev Shukla, Mr. Anirudh Chaudhry (Hon.Treasurer-BCCI) and Mr. Amitabh Choudhary (Joint Secretary - BCCI) will inspect the lands offered by KIADB and finalise the deal within one month.

-Nike Contract as the official apparel sponsors of the Indian Cricket Team has been extended.

-The IPL title sponsorship right has been assigned to M/S Vivo mobiles. Vivo is to give the Bank Guarantee in next ten days.