On a beautiful evening of April 18, 2008. It was just another evening until the two legends of Indian cricket, Rahul Dravid and Sourav Ganguly walked out, not to bat together but for the toss. For regular Indian cricket fans, it was something they haven’t seen before.
It was difficult to understand, why Brendon McCullum is playing for Kolkata? Shahrukh Khan who hails from Delhi and stays in Mumbai is cheering for them from the stands. This wasn’t easy to understand, the format, the structure, everything relatively new.
Indian Premier League was introduced as an annual competition that was seeded by Lalit Modi as a sporting revolution – one that would change cricket’s future. The first edition was won by Rajasthan Royals and since then the journey of the cash-rich tournament was played regularly.
The induction of two added teams into the IPL franchise from the 2022 edition will be an enhancement in the evaluation of the franchises and as well as the tournament. With teams growing from 8 to 10, as per analysis, one should expect the revenue generation in the tournament is certainly going to rise. Two new teams got sold at rupees 12715 crores. The alteration between these 13 years is 17 times more than the cost of the foundation.
Indian Premier League was played between eight teams and majorly have always been that way. The collective cost of obtaining eight IPL teams in 2008, the year it started, was Rs 3,000 crore. It operated out to an average of Rs 375 crore for each team.
Billionaire Mukesh Ambani paid $111.9 million to buy one of the eight teams that assured to take a constructive, new cricketing idea and smash it out of the stadium. Mumbai Indians cost around ₹450 crore and were the most expensive of the eight IPL teams. The minimum but still expensive was the Rajasthan Royals, which went for $67 million (about ₹270 crores).
Two new franchises – Pune Warriors India and Kochi Tuskers Kerala joined the venture on 21 March 2010, before the fourth season in 2011. Sahara Adventure Sports Group bought the Pune team for $370 million, while Rendezvous Sports World bought the Kochi franchise for $333.3 million. But one year later, it was announced that the Kochi Tuskers Kerala side would be finished following the team penetrating the BCCI’s terms of conditions.
On 14th September 2012, a franchise from Hyderabad, the Deccan Chargers needed to find new owners but they failed. Hence, BCCI declared that the 2009 champions, would be terminated.
Later next month, an auction was kept to see who would be the holder of the replacement franchise. The Hyderabad franchise was won by Sun TV Network. They named it Sunrisers Hyderabad.
Pune Warriors India withdrew from the IPL on 21st May 2013 over monetary problems with the BCCI. The contract was officially terminated by the BCCI, on 26th October 2013, on account of the franchise not being able to provide the essential bank guarantee.
On 14th June 2015, it was declared that then two-time winners, Chennai Super Kings, and the opening season champions, Rajasthan Royals, would be suspended for two years following their role in a spot-fixing and betting scandal.
On 8th December 2015, again due to auction, it was revealed that Pune and Rajkot would replace Chennai and Rajasthan for two seasons. Rising Pune Supergiant and the Gujarat Lions were the two new teams.
In 2020, the worth of IPL’s ecology was hung at Rs 45,800 crore ($6.1 billion). However, it was 3.6 per cent lower than 2019. The economic consultancy firm commented in a value report that the fall was mostly due to the Chinese technology company VIVO pulling out of the title sponsorship agreement over tension between the India-China border, extra costs intricate to create a bio-bubble environment and the lack of ticket sales, among other reasons.
The losses would have been much heavy had the 2020 season not happened at all.
In the recently settled bid, the Board of Control for Cricket in India (BCCI) that owns IPL got Rs 12,715 crore by selling just two teams. The average price of a team now positions at Rs 6,357 crore, an enormous 17-fold jump in just 13 years.
IPL’s valuation has flown three times, salaries from broadcasting rights have grown in equal measure. BCCI’s incomes from broadcasting rights have grown from an average year of Rs 1,160 crore in 2009 to Rs 3,269 crore today. And it is hopeful to rise to Rs 6,000 crore in 2023 when media rights will be planned and bid. The lucrative Indian T20 league has surely made a massive impact when it comes to monetary and that’s what makes it what it already is.