Rishabh Pant made history by becoming the most expensive player in Indian Premier League (IPL) annals, fetching a record $3.2 million (£2.54 million) on Sunday. This auction saw teams aggressively bidding for top-tier players in the lucrative Twenty20 competition. A total of 577 players were up for grabs over the two-day auction in Jeddah, with Pant, England's veteran bowler Jimmy Anderson, and New Zealand's all-rounder Rachin Ravindra among the marquee names.

The 2023 record set by Kolkata Knight Riders for Australian Mitchell Starc was initially surpassed by Punjab Kings, who reportedly secured Shreyas Iyer for a 'handsome' $3.16 million (£2.51 million). Iyer, 29, had led Kolkata Knight Riders to their third IPL title this year. However, this record was quickly eclipsed when Lucknow Super Giants reportedly paid a 'gigantic' 270 million rupees for India's 27-year-old star wicketkeeper Pant.

The auction kicked off with a heated bidding war for Indian fast bowler Arshdeep Singh, which concluded with Punjab acquiring the left-arm pace bowler for £1.7 million. This year, Australian left-arm fast bowler Starc, who was not retained by Kolkata, was picked up by Delhi Capitals for £1.11 million. Gujarat Titans secured England's white-ball captain Jos Buttler for £1.49 million, while India's pace bowler Mohammed Shami went to Sunrisers Hyderabad for £940,000. Shami, 34, has recovered from a foot injury and is expected to join the Test team for the ongoing series in Australia.

Before the bidding commenced, Rajasthan Royals coach Rahul Dravid emphasized that while preparations were extensive, the unpredictability of the day's bidding meant nothing could be taken for granted. 'You can prepare... you have a lot of discussions around the players and the tactics that you might employ,' Dravid said. 'But being realistic, you have to be able to think on your feet a little bit.' Punjab Kings coach Ricky Ponting, the former Australia captain, highlighted the 'huge excitement' but stressed the importance of maintaining composure during the bidding. 'I think being really calm, and really clear, at the auction table is a really important thing,' he noted.

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, it sold the broadcast rights for five IPL seasons to global media giants for $6.2 billion (£4.95 million). The BCCI has endeavored to expand the tournament's reach by hosting the auction abroad. Last year, it was held in Dubai, a frequent host for international cricket tournaments. Similar to Saudi Arabia, Dubai has a substantial base of potential fans among its migrant worker population.

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