The Indian Premier League was initiated by the Board of Control for Cricket in India (BCCI) and has been an enormous success. The annual tournament, played in the months of April and May has gone from strength to strength and is largely viewed as being the 'richest' tournament in world cricket.
There are nine franchises that field teams to play in the IPL (in brackets original cost of franchise in $/million):
The Chennai Super Kings (91)
The Delhi Daredevils (84)
The Kings XI Punjab (76)
The Kolkata Knight Riders (75.1)
The Mumbai Indian (111.9)
The Pune Warriors (370)
The Rajasthan Royals (67)
The Royal Challengers Bangalore (111.6)
The Sunrisers Hyderabad (159)
The following two teams have played in the IPL but due to financial constraints have ceased to exist:
The Kochi Tuskers Kerala (333)
The Deccan Chargers (107)
The tournament has been won by four different teams:
2008 Final: Chennai Super Kings vs Rajasthan Royals; Winner: Rajasthan Royals
2009 Final: Deccan Chargers vs Royal Challengers Bangalore; Winner: Deccan Chargers
2010 Final: Mumbai Indians vs Chennai Super Kings; Winner: Chennai Super Kings
2011 Final: Chennai Super Kings vs Royal Challengers Bangalore; Winner: Chennai Super Kings
2012 Final: Chennai Super Kings vs Kolkata Knight Riders; Winner: Kolkata Knight Riders
As is evident from the above, the Chennai Super Kings are the most successful side in the history of the IPL, reaching all but one final and winning the tournament twice.
Until 2012 the Indian Premier League was sponsored by DLF after they paid $50million for the five year sponsorship. Pepsi will take over the contract for the 2013 IPL after paying close to 400 crore rupees for the 5 year contract.
In 2008 Sony paid $1 billion for the broadcasting rights over a ten year period. The IPL is watched across the world and in 2012 made history by becoming the first sporting event to be broadcast live on YoutTube.
The Indian Premier League has had it's controversies over the year, with Lalit Modi being suspended as Chairman and Commissioner of the IPL on the 25th April 2010 for what were deemed “alleged acts of independent misdemeanour’s”. More recently the player Mohnis Mishra was suspended from the game after becoming embroiled in a match fixing scandal during the 2012 tournament.
The tournament is the largest, best known and most prestigious Twenty20 tournament in cricket.