The BCCI launched the Indian Premier League (IPL) on the lines of football’s English Premier League and the National Basketball League (NBA) of the US.
The IPL is a professional Twenty20 cricket league created and promoted by the BCCI and backed by the ICC. The Twenty20 league is set to debut in April 2008, with eight teams comprising a minimum of 16 players each. The league will last for 44 days and will involve 59 matches.
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 for the same took place on January 24, 2008 and the total base price for the auction was $400 million. The auction went on to fetch $723.59 million.
The Mumbai franchise owned by Mukesh Ambani’s Reliance Industries Limited (RIL) was the most expensive franchise - fetching $111.9 million closely followed by Vijay Mallya’s United Breweries which paid $111.6 million for the Bangalore franchise .
Media house Deccan Chronicle won the Hyderabad chapter of the IPL for $107 million, while India Cements’ Chennai franchise cost $91 million.
Bollywood also made its presence felt with two of its leading stars bagging the ownership of their respective teams - Shah Rukh Khan and Juhi Chawla’s Red Chillies Entertainment buying out Kolkata for $75.09, while Preity Zinta and her beau Ness Wadia bought the Mohali team for $76 million.
GMR , the infrastructure development group which who are involved in a project for revamping the Delhi airport, bagged the ownership of the Delhi team for $84 million and the Emerging Media , consisting of its CEO Fraser Castellino, Manoj Badale and Lachlan Murdoch and other investors won the rights for the Jaipur franczhise for $67 million.
IPL Teams:
1) Bangalore Royal Challengers: The Bangalore team was bought by Vijay Mallya’s UB Group for $111.6 million to own the team for 10 years. ‘Icon player’ Rahul Dravid is the captain of Bangalore Royal Challengers. Team India’s bowling coach, Venkatesh Prasad is the coach of the team.
2) Kings XI Punjab: The Mohali team was bought by Bollywood diva Preity Zinta, her industrialist beau Ness Wadia, along with renowned industrialists Karan Paul and Mohit Burman for $76 million for a period of 10 years. ‘Icon player’ Yuvraj Singh is the captain of Kings XI Punjab. Australia’s Tom Moddy is the coach of the team.
3) Chennai Super Kings: The Chennai team was bought by India Cements for $91 million to own the team for 10 years. Team India ODI and T20 skipper Mahendra Singh Dhoni is the captain of Chennai Super Kings. Former South Africa cricket team captain Kepler Wessels is the coach of the team.
4) Kolkata Knight Riders: The Kolkata team is owned by Bollywood actor Shah Rukh Khan, actress Juhi Chawla and her husband Jay Mehta for $75.09 million for a 10-year period. ‘Icon player’ Sourav Ganguly is the captain of Kolkata Knight Riders. Australia’s John Buchanan is the coach of the team.
5) Deccan Chargers: The Hyderabad team was bought by Deccan Chronicle, a media house, for $107 million for a 10-year period. Team India’s Test player VVS Laxman is the captain of Deccan Chargers. India’s fielding coach, Robin Singh is the coach of the team.
6) Mumbai Indians: The Mumbai team is owned by Mukesh Ambani’s Reliance Industries Limited for $111.9 million for a period of 10 years. ‘Icon player’ Sachin Tendulkar is the captain of Mumbai Indians. Former Team India manager, Lalchand Rajput is the coach of the team.
7) Delhi Daredevils: The Delhi team is owned by GMR Holdings for $84 million for a period of 10 years. ‘Icon player’ Virender Sehwag is the captain of Delhi Daredevils. Australia’s Greg Shipperd is the coach of the team.
More on IPL:
* Title Sponsorship Rights: On February 13 2008, Indian real estate developer DLF Universal secured exclusive rights to the IPL title sponsorship worth Rs 200 crore (over $50 million) for five years.
* Television Rights: On January 14 2008, it was announced that a consortium consisting of India’s Sony Television network and Singapore-based World Sports Group secured the rights of the IPL. The record deal has a duration of ten years at a cost of $1.026 billion.
* On February 20 2008 , the auction of 77 players took place in Mumbai. Team India ODI and Twenty20 skipper Mahendra Singh Dhoni and Australian all-rounder Andrew Symonds emerged the costliest Indian and overseas players respectively.
* Each team will play the other seven teams home and away, the top four teams at the end of the group stages will proceed through to the semi-finals. The first match is slated for April 18 between Team Bangalore and Team Kolkata.
* Team Composition: All teams must have at least four players from their respective Catchment Areas and four Under-22 players. The players from Catchment Areas could be an iconic player, a Ranji player or an U-22 player.
Each team can buy a maximum of eight overseas players but only four would be able to take the field in a match.
guy i copied this article from IPL official web site.
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