As a result of the ban imposed on players opting to participate in the ICL, it closed down in 2009. The franchises were sold for a total of $723.59 million. At the end of the auction, the winning bidders and the cities in which the teams would be based: Bangalore, Chennai, Delhi, Hyderabad, Jaipur, Kolkata, Mohali, and Mumbai. To choose team owners for the new league, an auction of franchises was held on 24 January 2008 the reserve prices of the franchises were around $400 million. The dynamic Twenty20 format has been designed to attract a young fan base, including women and children." According to Modi: "The IPL has been designed to entice an entirely new generation of sports fans into the grounds throughout the country. The league's format was similar to that of the English Premier League and the National Basketball Association in the United States. Modi also said the BCCI had been working on the idea for two years and that the IPL was not started as a "knee-jerk reaction" to the Indian Cricket League, a private T20 league founded in 2007. It was also announced the IPL would be run by a seven-man governing council composed of former India players and BCCI officials and that the two top IPL teams would qualify for that year's Champions League Twenty20.
BCCI vice-president Lalit Modi, who led the IPL effort, gave details of the tournament, including its format, prize money, franchise revenue system, and squad composition rules. The first season was due to start in April 2008 in a "high-profile ceremony" in New Delhi. On 13 September 2007, following India's victory at the 2007 T20 World Cup, the BCCI announced a franchise-based Twenty20 cricket (T20) competition called Indian Premier League. To prevent players from joining the ICL, the BCCI increased the prize money in its domestic tournaments and imposed lifetime bans on players joining the ICL, which the BCCI considered a rebel league.
The ICL was not recognised by the Board of Control for Cricket in India (BCCI) or the International Cricket Council (ICC), and the BCCI was not pleased with its committee members joining the ICL executive board. The Indian Cricket League (ICL) was founded in 2007 with funding provided by Zee Entertainment Enterprises. The current champions are Chennai Super Kings, who won the IPL 2023 after defeating Gujarat Titans in the final at the Narendra Modi Stadium in Ahemedabad. As of 2023, there have been sixteen seasons of the tournament. In 2023 the league sold its media rights for the period of 2023–2027 for $6.4 billion to Viacom18 and Star Sports, making the IPL's value per match $13.4 million. Its 2023 final was the most streamed live event on internet with 3.2 Cr viewers. In December 2022, the IPL became a decacorn valued at US$10.9 billion, registering a 75% growth in dollar terms since 2020 when it was valued at $6.2 billion, according to a report by consulting firm D and P Advisory.
According to BCCI, the 2015 IPL season contributed ₹1,150 crore (US$140 million) to the GDP of the economy of India. The brand value of the IPL in 2022 was ₹90,038 crore (US$11 billion). In 2010, the IPL became the first sporting event to be broadcast live on YouTube. The IPL is the most-popular cricket league in the world in 2014, it was ranked sixth by average attendance among all sports leagues. It has an exclusive window in the ICC Future Tours Programme due to fewer international cricket tours happening during IPL seasons worldwide. The competition is usually held in summer between March and May every year. The Indian Premier League ( IPL) (also known as the TATA IPL for sponsorship reasons) is a men's Twenty20 (T20) cricket league that is annually held in India and contested by ten city-based franchise teams.
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