Cricket

Inspired by a rival

In 2007, Zee Entertainment Enterprises founded the Indian Cricket League (ICL). The ICL was not recognized by the Board of Control for Cricket in India (BCCI) or the International Cricket Council (ICC). Moreover, the BCCI was unhappy about its committee members joining the ICL executive board. In response, the BCCI increased the prize money for its domestic tournaments and imposed lifetime bans on players who joined the rival league, which it considered a rebel league.

Foundation

On 13 September 2007, following India's victory at the 2007 T20 World Cup, the BCCI announced a franchise based Twenty20 cricket competition known as the Indian Premier League. The inaugural season was scheduled to start in April 2008, commencing with a "high-profile ceremony" in New Delhi. BCCI Vice-president Lalit Modi, who led the IPL initiative, provided details of the tournament, including its format, prize money, franchise revenue system, and squad composition rules. The league, to be managed by a seven-man governing council, would also serve as the qualifying mechanism for that year's Champions League Twenty20.

To determine team ownership, an auction for the franchises was held on 24 January 2008. The reserve prices for the eight franchises totalled $400 million, but the auction ultimately raised $723.59 million. The league officially commenced in April 2008, featuring Chennai Super Kings (CSK), Mumbai Indians (MI), Delhi Daredevils (DD), Kings XI Punjab (KXIP), Deccan Chargers (DC), Rajasthan Royals (RR), Kolkata Knight Riders (KKR), and Royal Challengers Bangalore (RCB).

Following the ban on players who chose to participate in the ICL, the rival league shut down in 2009.

Expansions and terminations

New franchises, Pune Warriors India and Kochi Tuskers Kerala, joined the league before the fourth season in 2011. The Sahara Adventure Sports Group purchased the Pune franchise for $370 million, while Rendezvous Sports World bought the Kochi franchise for $333.3 million. The Kochi franchise was terminated after just one season due to their failure to pay the BCCI the 10% bank guarantee element of the franchise fee.

In September 2012, the Deccan Chargers franchise agreement was terminated after the BCCI failed to find new owners. In October, an auction was held for a replacement franchise; Sun TV Network won the bid for what became the Hyderabad franchise; the team was named Sunrisers Hyderabad.

Pune Warriors India withdrew from the IPL in May 2013 due to financial differences with the BCCI. The BCCI officially terminated the franchise in October, and the league reverted to eight teams.

In June 2015, the two-time champions Chennai Super Kings and the inaugural season champions Rajasthan Royals were suspended for two seasons following their involvement in a spot-fixing and betting scandal. The two teams were replaced for two seasons by franchises based in Pune and Rajkot.

Due to the COVID-19 pandemic, the venue for the 2020 season was moved and games were played in the United Arab Emirates. In August 2021, the BCCI announced two new franchises, based in two of six shortlisted cities, would join the league in the 2022 season. In closed bidding held in October, the RPSG Group and CVC Capital won the bids for the teams, paying ₹7,000 crore (US$880 million) and ₹5,200 crore (US$650 million), respectively. The teams were subsequently named Lucknow Super Giants and Gujarat Titans.

Several IPL franchise owners have expanded their business by acquiring teams in other franchise leagues, such as the Caribbean Premier League (CPL), South Africa's SA20, the UAE's International League T20 (ILT) and the USA's Major League Cricket (MLC). These teams have been branded with similar names to their parent IPL franchises.

In addition to the above acquisitions, Delhi Capitals also bought a stake in MLC's Seattle Orcas.