The Indian Premier League (IPL) is set to commence its highly anticipated 'mega-auction' on Sunday in Saudi Arabia, where teams are expected to spend millions of dollars on top-tier cricketers for the lucrative Twenty20 tournament.
A total of 574 players, including Indian wicketkeeper Rishabh Pant, England veteran James Anderson, and New Zealand all-rounder Rachin Ravindra, are up for grabs at the two-day auction in Jeddah. Australian pacer Mitchell Starc set a record in the previous auction by signing with Kolkata Knight Riders for $2.98 million. With an increase in the tournament's salary cap, Starc's record price could be surpassed.
The IPL's social media post on Sunday read, 'It's time for lights, camera... auction!' as the two-day bidding event kicked off at 0930 GMT. Former New Zealand captain Stephen Fleming, now the Chennai Super Kings coach, described the auction process as 'horrible few days' due to its high stakes.
Rajasthan Royals coach Rahul Dravid emphasized the importance of being adaptable on auction day, despite extensive preparations. Punjab Kings coach Ricky Ponting, a former Australia captain, highlighted the need for composure during the bidding process.
Since its inception in 2008, the IPL has generated billions in revenue, transforming the Board of Control for Cricket in India (BCCI) into one of the wealthiest sports governing bodies. In June 2022, the IPL sold broadcast rights for five seasons to global media giants for $6.2 billion. The BCCI has expanded the tournament's reach by holding the auction abroad, with last year's event in Dubai and this year's in Saudi Arabia.
The decision to host the auction in Jeddah is seen as beneficial for both the IPL's global expansion and Saudi Arabia's efforts to enhance its image through sports. Crown Prince Mohammed bin Salman has supported large-scale sports investments, including plans for Saudi Arabia to host the football World Cup in 2034.
The IPL significantly boosts Indian cricket's revenue and contributes more than $11 billion annually to the economy. The tournament's success has popularized Twenty20 cricket worldwide, leading to similar events globally. Dates for next year's IPL have not been announced, but seasons typically run from March to May.
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