Indian Premier League
The IPL - Indian Premier League, is a Twenty20 cricket competition created by the Board of Control for Cricket in India (BCCI). IPL is also known as the "DLF Indian Premier League" in its first season.
The 2008 Indian Premier League season is the debut season of the Indian Premier League, established by the BCCI in 2007. The inaugural 2008 tournament started on 18 April 2008 and lasts for 44 days, with 56 matches scheduled to take place. The league consists of 8 teams. Each team will play a home match and an away match against every other team. The league matches will be followed by two semi-finals and a final match.
IPL Teams play each other twice in a round robin system, with the top four ranking sides progressing to the semi-finals. The eight teams taking part are Kolkata Knight Riders, Chennai Super Kings, Mumbai Indians, Deccan Chargers, Rajasthan Royals, Bangalore Royal Challengers, Delhi Daredevils, and Kings XI Punjab.
The winning bidders for the eight franchises were announced on 24 January 2008. While the total base price for auction was US$400 million, the auction fetched US$723.59 million. The official list of franchise owners announced and the winning bids were as follows.
- Mumbai Indians - owned by Mr. Mukesh Ambani for $111.9 million
- Bangalore Royal Challengers - owned by Dr. Vijay Mallya for $111.6 million
- Hyderabad Deccan Chargers - owned by Deccan Chronicle for $107 million
- Chennai Super Kings - owned by India Cements and N Srinivasan for $91 million
- Delhi DareDevils - owned by GMR Holdings for $84 million
- Kings XI Punjab - owned by Preity Zinta, Ness Wadia, Karan Paul (Apeejay Surendera Group) and Mohit Burman (Dabur) for $76 million
- Kolkata Knight Riders - owned by Shah Rukh Khan, Juhi Chawla Mehta and Jai Mehta (Red Chillies Entertainment) for $75.09 million
- Rajasthan Royals - owned by Manoj Badale, Lachlan Murdoch, Suresh Chellaram (Emerging Media) for $67 million
The players' auctions were held on February 20. The IPL placed icon status on a select few marquee Indian players. These players were Rahul Dravid, Saurav Ganguly, Sachin Tendulkar, Yuvraj Singh and Virender Sehwag. Laxman initially named an icon player , later voluntarily opted out of his icon status to give his team (Deccan Chargers) more money to bid for players.
In the Indian Premier League, an icon player is a player who can only play for his home city in the competition. Unlike all the other players involved the icon players will not go through bidding. Each of the icon players is guaranteed to get paid at least 15% more than the next top earner in their team, making them the highest paid player.
On 15 January 2008 it was announced that a consortium consisting of India's Sony Entertainment Television network and Singapore-based World Sport Group secured the global broadcasting rights of the Indian Premier League. The record deal has a duration of ten years at a cost of US$1.026 billion. As part of the deal, the consortium will pay the BCCI US$918 million for the television broadcast rights and US$108 million for the promotion of the tournament.
20% of these proceeds would go to IPL, 8% as prize money and 72% would be distributed to the franchisees. The money would be distributed in these proportions until 2012 after which the share of IPL would go up.