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.
Franchises
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 $111.9 million closely followed by Vijay Mallya's United Breweries - which paid $111.6 million for the Bangalore franchise...