The (ICL) Indian Cricket League was founded in the year 2007, with the funds provided by ZEE Entertainments. The ICL was not recognized by the (BCCI) Board of Control for Cricket in India the (ICC) International Cricket Council and the BCCI was not pleased with the committee members joining the ICL executive board. To prevent players from joining the ICL, the BCCI increased the prize money in their own domestic tournaments and also imposed lifetime bans on players joining the ICL, which was considered a rebel league by the board.
“The IPL has been designed to entice an entire new generation of sports fans into the grounds throughout the country. The dynamic Twenty20 format has been designed to attract a young fan base, which also includes women and children.”
On 13 September 2007, the BCCI announced the launch of a franchise-based Twenty20 cricket
called Indian Premier League and the first season was started in April 2008
, in Delhi. BCCI vice-president Lalit Modi said to be the mastermind behind the idea of Indian Premier League, spelled out the details of the tournament including its format, the prize money, franchise revenue system and squad composition rules. It was also revealed that the IPL would be run by a seven-man governing council composed of former India players and BCCI officials, and that the top two teams of the IPL would qualify for that year’s Champions League Twenty20. Modi also clarified that they had been working on the idea for two years and that IPL was not started as a “knee-jerk reaction” to the ICL. The league’s format was similar to that of the Premier League of England and the NBAin the United States.
In order to decide the owners for the new league, an auction was held on 24 January 2008 with the total base prices of the franchises costing around $400 million. At the end of the auction, the winning bidders were announced, as well as the cities the teams would be based in: Bangalore, Chennai, Delhi, Hyderabad, Jaipur, Kolkata, Mohali, and Mumbai.In the end, the franchises were all sold for a total of $723.59 million. The Indian Cricket League soon folded in 2008.