About the Indian Premier League and IPL competition auction process
This country has always regarded cricket as an integral part of its culture. Despite being a game, it is taken more seriously than that. They literally worship them because they are considered demigods. Twenty20 cricket changed the game of cricket forever. With the introduction of the Twenty20 format, cricket has become the talk of the town, everyone wants to know about it.
An interesting history of the IPL can be found in its origin. The Indian Premier League was conceptualized by Lalit Modi, Vice President of the Board of Control for Cricket in India (BCCI). It was designed like the English Premier League, an important club football league in Europe. This league was created as a response to the Indian Cricket League (ICL) created by the Zee Group.
It’s probably the most fascinating event in the entire history of cricket that’s ever existed. This issue was approved by the Indian Cricket Board a few months ago. For the entertainment industry, this represents an excellent opportunity.
Following India’s victory in the Twenty20 World Cup, the format of Twenty20 cricket has been embraced by millions of people. As far as viewership and profits are concerned, the Indian Premier League cannot be doubted.
The foundation story of IPL
After India won the 2007 Twenty20 World Cup on 13th September 2007, the Board of Control for Cricket in India decided to launch an Indian Premier League. Initially, the show’s debut was expected to take place in New Delhi in April 2008. Lalit Modi, the head of the BCCI’s IPL initiative, set out in detail how the tournament will be run, including the award money and the revenue generation system.
Moreover, it was announced that the Indian Premier League would be governed by a 7-member advisory council, composed of BCCI representatives, and the two top teams of that year’s IPL qualifying for the CLT20 (Champions League).
In addition, Modi revealed that the idea had been discussed for 2 years and IPL wasn’t started in response to ICL.
Process of Acquiring players, the composition of the squad, and salaries
Players can be acquired in three different ways
- At the annual auction of players,
- During trading windows, teams can trade players with each other
- Replacing unavailable players with replacements.
The players register for an auction and determine their own starting bid, Franchises bid the highest price to acquire them. A replacement signing can be made for players that haven’t been sold at the auction. When trading windows are open, only players with their consent can be traded, and the franchise will pay the difference in the new and old contracts.
If a new agreement has a higher value, the difference from the new agreement is split between the franchise and player. Three trading windows are generally scheduled—2 ahead of the bidding and one following the bidding but before the tournament begins.
Trades on players beyond the trading period and during the event are not permitted,
Whereas, replacing a player can be done during or before the tournament.