What is the IPL ?
The Indian Premier League is a professional twenty20 cricket league created and promoted by the Board of Control for Cricket in India (BCCI) and backed by the International Cricket Council.
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 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 - with the fetching USD 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 costing $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 Priety 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 franchise for $67 million.
On January 14th, the IPL announced that a consortium consisting of India's Sony Entertainment Television network and Singapore-based WSG (World Sports Group) had secured the media rights for the Indian Premier League. The deal has a duration of 10 years at a cost of $1.026 billion. And as a part of the deal, the consortium will pay the BCCI $918 million for the telecast rights and $108 million for the promotion of the tournament.
Title Sponsorship Rights
Gurgaon based real-estate developer DLF Universal secured the exclusive rights to the Indian Premier League's title sponsorship worth INR 200 crore (over $50 million) for a period of five years.