Foundation[edit]
In 2007, the Indian Cricket League was founded, with funding provided by Zee Entertainment Enterprises.[10] The ICL was not recognized by the Board of Control for Cricket in India (BCCI) or the International Cricket Council (ICC) and the BCCI were not pleased with its committee members joining the ICL executive board.[11] To prevent players from joining the ICL, the BCCI increased the prize money in their own domestic tournaments and also imposed lifetime bans on players joining the ICL, which was considered a rebel league by the board.[12] Businessman and cricket executive, Lalit Modi, was tasked by the BCCI to start a new Twenty20 league that would rival the Indian Cricket League. In early 2008, the BCCI announced the launch of the Indian Premier League, a new franchise based T20 league, which is among the first of its kind in the cricketing world.[13] The league was based on the Premier League of England and the NBA in the United States.[13]
In order to decide the owners for the new league, an auction was held on 24 January 2008 with the total base prices of the franchises costing around $400 million.[13] At the end of the auction, the winning bidders were announced, as well as the cities the teams would be based in: Bangalore, Chennai, Delhi, Hyderabad, Jaipur, Kolkata, Mohali, and Mumbai.[13] In the end, the franchises were all sold for a total of $723.59 million.[14] The Indian Cricket League soon folded in 2008.[15]
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