The Indian Premier League (IPL) is a professional Tewnty20 cricket league in India contested during April and May of every year by franchise teams representing Indian Cities. The IPL changed the way cricket is played in India and has brought in huge scope for the entertainment industry as well. Initialized by the then BCCI vice-president Lalit Modi, the IPL was launched in 2008 as competitive response to the Indian Cricket League (ICL).
Following the same format as that of English Premier league and the National Basketball league of the US, the maiden IPL tournament which Lalit Modi has conceptualized and ideated. The IPL works on a franchise -system based on the American style of hiring players and transfers. These franchises were put for auction, where the highest bidder won the rights to own the team, representing each city.
The auction took place on January 24,2008 and the total base price of the auction was $400 million. The auction went on to fetch $723.59 million.
IPL TEAMS FOR THE FIRST EDITION
1) Royal Challengers Bangalore: The second most expensive franchise by Vijay Mallya’s United Breweries which paid $111.6 million with its Icon player as Rahul Dravid.
2) Kings XI Punjab: Preity Zinta and her beau Ness Wadia bought this Mohali team for $76 million with its Icon player as Yuvraj Singh.
3) Chennai Super kings: Indian Cements paid $90 million for Chennai franchise with Icon player as Mahendra Singh Dhoni.
4) Kolkata Knight Riders: Bollywood made its presence felt with its two of its leading stars bagging the ownership of this team Shah Rukh khan and Juhi Chawla’s Red Chilles Entertainment buying out Kolkata for $75.09 million with its Icon player as Sourav Ganguly.
5) Deccan Chargers: Media house Deccan chronicles won the Hyderabad chapter for $107 million with its Icon player as VVS Laxman.
6) Mumbai Indians: The most expensive Franchise owned by Mukesh Ambani’s Reliance Industries limited for $111.9 million with its Icon player as Sachin Tendulkar.
7) Delhi Daredevils: Infrastructure development group bagged the ownership of Delhi for $84 million with its Icon player as Virendra Sehwag.
8) Rajastan Royals: Emerging Media consisting of its CEO Fraser Castellino, Manoj Badale and Lachlam Murdoch and other investors bought for $67 million with its Icon player as Shane Warne.
In the beginning IPL had eight teams which comprised minimum 16 players each. This tournament lasted for 44 days and had 59 matches. Indian Premier League is like gift for Cricket lovers, as this tournament starts in vacation season.
One more day to go for VIVO IPL 2017