The IPL is a Twenty20 cricket league just like English Premier League was founded by the BCCI. The Twenty20 cricket league is set with eight teams having a minimum of 16 players each.
The IPL works on a franchise-system of hiring players. These franchises were put for auction.The auction went on to fetch $723.59 million.
The Mumbai franchise owned by Mukesh Ambani’s franchise - fetched $111.9 million and Vijay Mallya’s which paid $111.6 million for the Bangalore franchise .
Media house Deccan Chronicle won the Hyderabad franchise of the IPL for $107 million, while India Cements’ Chennai franchise cost $91 million.
Shah Rukh Khan and Juhi Chawla’s Red Chillies Entertainment buying out Kolkata for $75.09 and Preity Zinta and her partner Ness Wadia bought the Mohali team for $76 million.
GMR bagged the ownership of the Delhi team for $84 million and the Emerging Media won the rights for the Jaipur franchise for $67 million.
IPL Teams:
Bangalore Royal Challengers: The Bangalore team was bought by Vijay Mallya for $111.6 million to own the team for 10 years. ‘Icon player’ Rahul Dravid is the captain of Bangalore Royal Challengers.
Kings XI Punjab: The Mohali team was bought by Preity Zinta,for $76 million for a period of 10 years. ‘Icon player’ Yuvraj Singh is the captain of Kings XI Punjab. Australia’s Tom Moddy is the coach of the team.
Chennai Super Kings: The Chennai team was bought by India Cements for $91 million to own the team for 10 years.Mahendra Singh Dhoni is the captain of Chennai Super Kings.Kepler Wessels is the coach of the team.
Kolkata Knight Riders: The Kolkata team is owned by Shah Rukh Khan,Juhi Chawla for $75.09 million for a 10-year period. ‘Icon player’ Sourav Ganguly is the captain of Kolkata Knight Riders.John Buchanan is the coach of the team.
Deccan Chargers: The Hyderabad team was bought by Deccan Chronicle,for $107 million for a 10-year period.VVS Laxman is the captain of Deccan Chargers.Robin Singh is the coach of the team.
Mumbai Indians: The Mumbai team is owned by Mukesh Ambani for $111.9 million for a period of 10 years. ‘Icon player’ Sachin Tendulkar is the captain of Mumbai Indians. Lalchand Rajput is the coach of the team.
Delhi Daredevils: The Delhi team is owned by GMR for $84 million for a period of 10 years. ‘Icon player’ Virender Sehwag is the captain of Delhi Daredevils.Greg Shipperd is the coach of the team.
Rajasthan Royals: The Jaipur team was bought by Emerging Media for $67 million to own the team for a period of 10 years.Shane Warne is both the captain and coach of Rajasthan Royals.
Each team will play the other seven teams home and away, the top four teams at the end of the group stages will proceed through to the semi-finals.
Each team can buy a maximum of eight overseas players but only four would be able to take the field in a match.
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