The Indian Premier League (IPL) is a professional league of Twenty20 cricket championship in India. It was initiated by the Board Of Control for Cricket in India (BCCI), headquartered in Mumbai and is supervised by BCCI Vice President Rajeev Shukla, who serves as the league’s Chairman and Commissioner. It is currently contested by nine teams, consisting of players from around the world.
Cricket is called the Gentlemen’s Game but ipl has brought together players from all over the world to play together. In IPL Player from different countries have to share the same dressing room and new teams are formed which consist of player from all over-world. It teaches them to cooperate with each other & play along beside all difference. It Creates the environment of uniformity and unity.
The IPL is the most-attended cricket league in the world and ranks sixth among all sports leagues
In 2010, IPL became the first sporting event to be broadcast live on YouTube in association with Indiatimes. Its brand value is estimated to be around $2.99 billion in the fifth season.
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 Limites (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 Chawl’s Red Chillies Entertainment buying out Kolkata for $75.09, while Preity Zinta bought the Mohali team for $76 million.
GMR, the infrastructure development group which is 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 Castelino, Manoj Badale and Lachlan Murdoch and other Investors won the rights to the Jaipur franchise for $67 million.
In 2017 the brand value of Mumbai Indian was highest approx 106 million & vivo has sponsorship from 2016-2022 paying an annual fee of Rs-430cr.
IPL has given a great platform for the state level players to explore their talent. Now the selectors keep an eye on the performance of a player in ipl this help them to select the best candidate on the basis of performance. As the competition is tough Player put there best efforts that make the ipl match more unpredictable and interesting.