Indian Premier League – The costliest sports event!

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Indian premier league, a brainchild of Lalit Modi who is the vice chairman of the league, refers to the twenty 20 cricket league, sanctioned by the ICC (International cricket council). Eight franchise teams featured in this league which commenced its first season from the 18th April to 1st June 2008.
Each team had a pool of 16 players, with a maximum of eight overseas players and a min of four U-22 players. The first “Players Auction” was held on the Feb. 20, 2008, giving the iconic status to Rahul Dravid, Saurav Ganguly, Sachin Tendulkar, Yuvraj Singh and Virender Sehwag, great Indian Cricket Icons. All 8 teams played each other 2 times in the round robin system, the top four ranking sides’ progressed to the semi-finals. IPL is all set this year and ready to rock the Cricket fraternity with its glorious and glamorous series to be held within few days.
The 8 franchises of the IPL, with their business tycoons, Bollywood stars and media magnets this year shall include:
Rajasthan Royals: Owned by Emerging India, Lachlan Murdoch, Shilpa Shetty (Winner Big Brother UK) and Raj Kundra.
Mumbai Indians: Owned by business tycoon Mukesh Ambani.
Royal Challenge Bangalore: Owned by Vijay Mallaya of UB Group.
Hyderabad Deccan Chargers: Owned by Deccan Chargers Sporting Venture.
Chennai Super Kings: Owned by Indian Cements (N Srinivasan).
Delhi Daredevils: Owned by GMR Holdings (Grandhi Mallikarjuna Rao)
Kings XI Punjab: Owned by Ness Wadia (Bombay Dyeing), Priety Zinta (Bollywood Actress), Dabur and Karan Paul.
Kolkatta Knight Riders: Owned by Red Chillies Entertainment (Shah Rukh Khan, Juhi Chawla and Jai Mehta.
Indian premier league is expected to bring about US $1 billion over the period of 5-10 years. This revenue will be distributed as 50% will go back to IPL, Franchises 45% and prize money 5%. In the first season, no one was expected to break even, but the success of the first season was so phenomenal that some of the franchises are already profitable from the season 1. Kolkatta knight riders though, did not qualify for the semi finals, made the net profit of 13 Crores due to the successful marketing strategy by its owner Shahrukh Khan, while the Rajasthan royals, the underdogs, who also were the last year winners, made net profit of 6 Crores.
After the highly successful first season, it is reported that 4 new franchises will join the IPL in the season 2010-2011.The new confirmed franchises are Ahmadabad, with Anil Ambani’s name associated wit it, and Kanpur with Sahara group; associated with it. The tentative dates for the second season of the DLF Indian Premier League, had been announced by the Chairman & League Commissioner, Lalit Modi. It has been set from April 10th, 2009 to May 29th, 2009.
The formats of the season will remain the same as the first season. The auction of the players will begin in Goa on 6th. There are 114 players up for grabs in this auction. Indian premier league which was formed on the on the lines of English premier league and national basketball league has also become a Mega Major Sporting event. Will the much hyped T20 championship league be able to continue its success run, or its bubble will burst in the coming years? We shall find out as the series unfolds.
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