[step:Construct the exchange digraph of a maximum common independent set]
Let $I\subset E$ be a common independent set of maximum cardinality, so $I\in\mathcal I_1\cap\mathcal I_2$ and
\begin{align*}
|I|=\max\{ |J| : J\in\mathcal I_1\cap\mathcal I_2\}.
\end{align*}
For $k\in\{1,2\}$ and $B\subset E$, define the closure of $B$ in $M_k$ by
\begin{align*}
\operatorname{cl}_{M_k}(B)
:=
\{e\in E : r_k(B\cup\{e\})=r_k(B)\}.
\end{align*}
We will use the following elementary consequences of the matroid circuit axioms. If $B\in\mathcal I_k$ and $e\in E\setminus B$ with $B\cup\{e\}\notin\mathcal I_k$, then $B\cup\{e\}$ contains a unique circuit, denoted $C_k(e,B)$, and $e\in C_k(e,B)$. Moreover, for $b\in B$, the set $(B\setminus\{b\})\cup\{e\}$ is independent in $M_k$ exactly when $b\in C_k(e,B)$. We will also use the circuit elimination axiom in the following form: if $C$ and $C'$ are distinct circuits, $a\in C\cap C'$, and $b\in C\setminus C'$, then there is a circuit contained in $(C\cup C')\setminus\{a\}$ that contains $b$.
Define the $M_1$-source set $S_I\subset E\setminus I$ by
\begin{align*}
S_I:=\{e\in E\setminus I : I\cup\{e\}\in\mathcal I_1\}.
\end{align*}
Define the $M_2$-target set $T_I\subset E\setminus I$ by
\begin{align*}
T_I:=\{e\in E\setminus I : I\cup\{e\}\in\mathcal I_2\}.
\end{align*}
Define a directed graph $D(I)$ with vertex set $E$ as follows. For $y\in I$ and $x\in E\setminus I$, put an $M_1$-exchange arc
\begin{align*}
y\longrightarrow x
\end{align*}
whenever $(I\setminus\{y\})\cup\{x\}\in\mathcal I_1$. Put an $M_2$-exchange arc
\begin{align*}
x\longrightarrow y
\end{align*}
whenever $(I\setminus\{y\})\cup\{x\}\in\mathcal I_2$.
[claim:There is no augmenting path from $S_I$ to $T_I$]
There is no directed path in $D(I)$ from $S_I$ to $T_I$.
[/claim]
[proof]
Suppose that there were a directed path
\begin{align*}
P=(p_0,p_1,\dots,p_m)
\end{align*}
in $D(I)$ with $p_0\in S_I$ and $p_m\in T_I$. Choose such a path with minimal length. Since all arcs of $D(I)$ go between $I$ and $E\setminus I$, and since $p_0\in E\setminus I$, the vertices alternate:
\begin{align*}
p_{2j}\in E\setminus I,\qquad p_{2j+1}\in I
\end{align*}
whenever the displayed vertices occur. Since $p_m\in T_I\subset E\setminus I$, the integer $m$ is even.
No internal even vertex $p_{2j}$ with $1\le j\le m/2-1$ belongs to $S_I\cup T_I$: if $p_{2j}\in T_I$, the initial segment from $p_0$ to $p_{2j}$ is a shorter path from $S_I$ to $T_I$, while if $p_{2j}\in S_I$, the terminal segment from $p_{2j}$ to $p_m$ is a shorter path from $S_I$ to $T_I$. Thus every internal even vertex is dependent over $I$ in both matroids in the relevant places where a fundamental circuit is used.
Define
\begin{align*}
I'
:=
I\triangle \{p_0,p_1,\dots,p_m\}
=
\bigl(I\setminus\{p_1,p_3,\dots,p_{m-1}\}\bigr)
\cup
\{p_0,p_2,\dots,p_m\}.
\end{align*}
Put $\ell:=m/2$, and for $0\le j\le \ell$ define $x_j:=p_{2j}\in E\setminus I$, while for $1\le j\le \ell$ define $y_j:=p_{2j-1}\in I$. Thus the path has the form
\begin{align*}
x_0,y_1,x_1,\dots,y_\ell,x_\ell.
\end{align*}
The arcs of $P$ imply
\begin{align*}
(I\setminus\{y_j\})\cup\{x_j\}\in\mathcal I_1
\end{align*}
for $1\le j\le \ell$, and
\begin{align*}
(I\setminus\{y_j\})\cup\{x_{j-1}\}\in\mathcal I_2
\end{align*}
for $1\le j\le \ell$. Also $x_0\in S_I$ gives $I\cup\{x_0\}\in\mathcal I_1$, and $x_\ell\in T_I$ gives $I\cup\{x_\ell\}\in\mathcal I_2$.
We first prove $I'\in\mathcal I_1$. For $1\le j\le \ell$, the element $x_j$ is not in $S_I$: this follows from the preceding paragraph when $j<\ell$, and follows from $x_\ell\in T_I$ together with the absence of a shorter path of length zero when $\ell=0$. Hence $I\cup\{x_j\}\notin\mathcal I_1$ whenever the fundamental circuit below is needed. Let
\begin{align*}
C_{1,j}:=C_1(x_j,I)\subset I\cup\{x_j\}
\end{align*}
denote the fundamental circuit of $x_j$ over $I$ in $M_1$. The $M_1$-exchange arc $y_j\to x_j$ and the single-element exchange criterion give $y_j\in C_{1,j}$. If $i<j$ and $y_i\in C_{1,j}$, then the same criterion gives an $M_1$-arc $y_i\to x_j$. Since $y_i$ occurs before $x_j$ on $P$, replacing the subpath from $y_i$ to $x_j$ by this single arc and then following the remaining part of $P$ would give a shorter directed path from $S_I$ to $T_I$, contradicting the minimality of $P$. Hence
\begin{align*}
C_{1,j}\cap\{y_1,\dots,y_{j-1}\}=\varnothing.
\end{align*}
Define $I_{1,0}:=I\cup\{x_0\}$ and, for $1\le j\le \ell$,
\begin{align*}
I_{1,j}:=(I\setminus\{y_1,\dots,y_j\})\cup\{x_0,x_1,\dots,x_j\}.
\end{align*}
The set $I_{1,0}$ is independent in $M_1$ by $x_0\in S_I$. Suppose $I_{1,j-1}\in\mathcal I_1$. We prove that $I_{1,j}\in\mathcal I_1$. If $I_{1,j-1}\cup\{x_j\}$ is independent, then its subset $I_{1,j}$ is independent. Otherwise let $C$ be a circuit contained in $I_{1,j-1}\cup\{x_j\}$. Since $I_{1,j-1}$ is independent, $x_j\in C$. If $C$ avoids $y_j$, then $C$ is not contained in $I\cup\{x_j\}$ because the only circuit in $I\cup\{x_j\}$ is $C_{1,j}$ and $y_j\in C_{1,j}$. Thus $C$ contains some previously inserted element $x_i$ with $0\le i<j$. Choose the least index $i$ such that $x_i\in C$. We now remove the remaining inserted elements from $C$ one at a time, but only when they actually occur in the current circuit. More precisely, suppose the current circuit $C^*$ contains $x_i$, avoids $y_1,\dots,y_i$, and is contained in
\begin{align*}
I\cup\{x_i,x_{i+1},\dots,x_j\}.
\end{align*}
If $C^*\subset I\cup\{x_i\}$, stop. Otherwise let $h>i$ be the largest index with $x_h\in C^*$. The circuit $C_{1,h}$ also contains $x_h$, and the preceding shortest-path argument gives
\begin{align*}
C_{1,h}\cap\{y_1,\dots,y_{h-1}\}=\varnothing.
\end{align*}
Since $i<h$, this implies $C_{1,h}$ avoids $y_1,\dots,y_i$. Also $x_i\notin C_{1,h}$, because $C_{1,h}\subset I\cup\{x_h\}$ and $x_i\notin I\cup\{x_h\}$. Applying circuit elimination to the distinct circuits $C^*$ and $C_{1,h}$ with common element $x_h$ and retained element $x_i$ produces a circuit contained in $(C^*\cup C_{1,h})\setminus\{x_h\}$ that still contains $x_i$ and still avoids $y_1,\dots,y_i$. By the maximal choice of $h$, the new circuit is contained in
\begin{align*}
I\cup\{x_i,x_{i+1},\dots,x_{h-1}\}.
\end{align*}
Repeating this finite procedure eliminates all inserted elements except $x_i$, giving a circuit contained in $I\cup\{x_i\}$ that contains $x_i$ and avoids $y_1,\dots,y_i$. If $i=0$, this contradicts $I\cup\{x_0\}\in\mathcal I_1$. If $i\ge1$, the uniqueness of the fundamental circuit in $I\cup\{x_i\}$ forces the resulting circuit to be $C_{1,i}$, but $C_{1,i}$ contains $y_i$, again a contradiction. Therefore every circuit in $I_{1,j-1}\cup\{x_j\}$ contains $y_j$, and removing $y_j$ leaves the independent set $I_{1,j}\in\mathcal I_1$. Induction gives $I_{1,\ell}=I'\in\mathcal I_1$.
We next prove $I'\in\mathcal I_2$ by the reverse argument. For $0\le j\le \ell-1$, the element $x_j$ is not in $T_I$: this follows from the preceding paragraph when $j>0$, and if $j=0$ then $x_0\in T_I$ would give a path of length zero from $S_I$ to $T_I$. Hence $I\cup\{x_j\}\notin\mathcal I_2$ whenever the fundamental circuit below is needed. Let
\begin{align*}
C_{2,j}:=C_2(x_j,I)\subset I\cup\{x_j\}
\end{align*}
denote the fundamental circuit of $x_j$ over $I$ in $M_2$. The $M_2$-exchange arc $x_j\to y_{j+1}$ and the single-element exchange criterion give $y_{j+1}\in C_{2,j}$. If $i>j+1$ and $y_i\in C_{2,j}$, then the same criterion gives an $M_2$-arc $x_j\to y_i$. Replacing the subpath from $x_j$ to $y_i$ by this single arc and then following the remaining part of $P$ would again produce a shorter directed path from $S_I$ to $T_I$, contradicting minimality. Hence
\begin{align*}
C_{2,j}\cap\{y_{j+2},\dots,y_\ell\}=\varnothing.
\end{align*}
Define $I_{2,\ell}:=I\cup\{x_\ell\}$ and, for $0\le j\le \ell-1$,
\begin{align*}
I_{2,j}:=(I\setminus\{y_{j+1},\dots,y_\ell\})\cup\{x_j,x_{j+1},\dots,x_\ell\}.
\end{align*}
The set $I_{2,\ell}$ is independent in $M_2$ by $x_\ell\in T_I$. Descending induction on $j$ shows that $I_{2,j}\in\mathcal I_2$. Indeed, assume $I_{2,j+1}\in\mathcal I_2$. If $I_{2,j+1}\cup\{x_j\}$ is independent, then its subset $I_{2,j}$ is independent. Otherwise let $C$ be a circuit contained in $I_{2,j+1}\cup\{x_j\}$. Since $I_{2,j+1}$ is independent, $x_j\in C$. If $C$ avoids $y_{j+1}$, then $C$ must contain some inserted element $x_i$ with $j<i\le \ell$. Choose the greatest index $i$ such that $x_i\in C$. We remove the remaining inserted elements from $C$ one at a time, but only when they actually occur in the current circuit. More precisely, suppose the current circuit $C^*$ contains $x_i$, avoids $y_{i+1},\dots,y_\ell$, and is contained in
\begin{align*}
I\cup\{x_j,x_{j+1},\dots,x_i\}.
\end{align*}
If $C^*\subset I\cup\{x_i\}$, stop. Otherwise let $h<i$ be the smallest index with $x_h\in C^*$. The circuit $C_{2,h}$ also contains $x_h$, and the preceding shortest-path argument gives
\begin{align*}
C_{2,h}\cap\{y_{h+2},\dots,y_\ell\}=\varnothing.
\end{align*}
Since $h<i$, this implies $C_{2,h}$ avoids $y_{i+1},\dots,y_\ell$. Also $x_i\notin C_{2,h}$, because $C_{2,h}\subset I\cup\{x_h\}$ and $x_i\notin I\cup\{x_h\}$. Applying circuit elimination to the distinct circuits $C^*$ and $C_{2,h}$ with common element $x_h$ and retained element $x_i$ produces a circuit contained in $(C^*\cup C_{2,h})\setminus\{x_h\}$ that still contains $x_i$ and still avoids $y_{i+1},\dots,y_\ell$. By the minimal choice of $h$, the new circuit is contained in
\begin{align*}
I\cup\{x_{h+1},x_{h+2},\dots,x_i\}.
\end{align*}
Repeating this finite procedure eliminates all inserted elements except $x_i$, giving a circuit contained in $I\cup\{x_i\}$ that contains $x_i$ and avoids $y_{i+1},\dots,y_\ell$. If $i=\ell$, this contradicts $I\cup\{x_\ell\}\in\mathcal I_2$. If $i<\ell$, uniqueness of the fundamental circuit in $I\cup\{x_i\}$ forces the resulting circuit to be $C_{2,i}$, but $C_{2,i}$ contains $y_{i+1}$, a contradiction. Therefore every circuit in $I_{2,j+1}\cup\{x_j\}$ contains $y_{j+1}$, and removing $y_{j+1}$ leaves the independent set $I_{2,j}\in\mathcal I_2$. Therefore $I_{2,0}=I'\in\mathcal I_2$. Combining the two conclusions gives
\begin{align*}
I'\in\mathcal I_1\cap\mathcal I_2.
\end{align*}
Moreover $I'$ removes $m/2$ elements of $I$ and adds $m/2+1$ elements of $E\setminus I$, so
\begin{align*}
|I'|=|I|+1.
\end{align*}
This contradicts the maximality of $I$. Therefore no directed path in $D(I)$ begins in $S_I$ and ends in $T_I$.
[/proof]
[/step]