The Board of Control for Cricket in India (BCCI), which owns the event, is looking to replace the cash-strapped Deccan Chargers, who were thrown out for financial violations including failing to pay players.
The advertisement, placed in the newspaper, said that the new team had to be based in one of 12 named cities, including Ahmedabed, Dharamshala, Hyderabad and Kochi.
“The winning bidder will be granted the right to own and operate a new team which will compete in the IPL each year from and including 2013,” it said.
Photos: Katrina Kaif, Shamita Shetty at Mumbai airport
Photos: Varun Dhawan, Alia Bhatt promote 'Badri...' on 'Dil Hai Hindustani'
In pictures: 15 facts about kissing that will surprise you
Photos: Shahid Kapoor and Mira Rajput at cafe in Bandra
Photos: Deepika Padukone, Neha Dhupia and Soha Ali Khan at event