Cricket in India has yet again attracted top dollar, this time for the Indian Premier League (IPL). In the process, BCCI has ensured that Mukesh Ambani will lock horns with Vijay Mallya while Shah Rukh Khan will face off against Preity Zinta as their teams take to the field.
The Reliance Industries chairman has acquired the Mumbai franchise in IPL for $111.9 million over a 10-year period while the flamboyant chairman of UB Group has won the Bengaluru franchise for $111.6 million. Both Mr Ambani and Mr Mallya had bid more than twice the floor price of $50 million per franchise set by the board. SRK’s Red Chillies Entertainment won the Kolkata franchise for $75 million.
The Board of Control for Cricket in India (BCCI) launched the Indian Premier League (IPL) on September 14, 2007. Based on the lines of the English Premier League (EPL) and the National Basketball League , the IPL is said to be the brainchild of BCCI vice-president Lalit Modi. The idea was first floated in 1996 but was shot down as the board felt it would go against the zonal system of domestic cricket. The project moved into top gear when the Zee group launched a rival Indian Cricket League on similar lines in April 2007.
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