The term “IPL” stands for the “Indian Premier League”.
The IPL is a Twenty20 cricket championship league which is held in India. This concept was pioneered by Lalit Modi and the Board of Control for Cricket in India (BCCI), after a dispute between the BCCI and the Indian Cricket League.
The league headquarters are situated in Mumbai, Maharastra. It is currently under the authority of the BCCI Vice-President Ranjib Biswal, who also serves as the league's chairman and Commissioner.
The league is based on a round-robin group and knockout format and consists of eight teams with players from around the cricketing world. The teams are owned by the IPL franchise, which consist of major companies, Bollywood stars, and media moguls. The teams are formed by the owner bidding for the best players through an auction organized by the league. The founding teams are as follows:
- The Mumbai Indians
- The Chennai Super Kings
- The Royal Challengers Bangalore
- The Deccan Chargers (based in Hyderabad)
- The Delhi Daredevils
- The Punjab XI Kings (Mohali)
- The Kolkata Knight Riders, and
- The Rajasthan Royals (Jaipur)
Also, in 2011, the Pune Warriors India and the Kochi Tuskers Kerala, joined the IPL for the tournament.
The IPL is one of the most popular and most lucrative forms of the sport. It is considered to be the highest-profile showcase in the world for Twenty20 cricket, the shortest form of professional cricket with just 20 overs per innings. It is also known for its commercial success as for the cricket played; its brand value is estimated to be around US$2.99 billion.
In 2012, the naming right for the series was awarded to Pepsi. IPL became the first sporting event to be broadcast live on YouTube, and its live rights to the event are syndicated around the globe. However, with success sure comes a fall; the league has been the subject of several controversies where allegations of cricket betting, money laundering and spot fixing were witnessed.