The third annual edition of the Indian Premier League cricket tournament is currently underway and cricket fever has once again gripped the country. The tournament is back in India this year after moving to South Africa last year due to security concerns. In three short years, IPL has become one of of the most significant sporting events in the world. It has also become a money making machine for the Board of Control for Cricket in India (BCCI) - the governing body for cricket in India.
The revised and shorter format of the game along with player auction and the entertainment components have fueled the popularity of this league. The brand value of the IPL is in excess of $300MM and the value of the individual teams are inching close to $50MM. New teams (Pune and Kochi) have sold for over $300MM.
The franchise is set to expand in the fourth edition. Meanwhile, the semi-finals are scheduled to begin this week and most Indians are looking forward to more cricketing action over the next couple of weeks!
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