Today, Indian Premier League governing body announced the increase in the bidding price and from next year, each franchisee would now be able spend USD seven million (Rs 35 crore) to bid for players. This is an increase of USD 2 million from the current bidding price.

“This would mean USD 70 million for the 10 teams every year and USD 210 million (about Rs 1,000 crore) in three years, this will be the single largest auction in sporting world,” said the IPL Commissioner and Chairman Lalit Modi.