IPL coup gets BCCI richer by Rs 7000 crore

Mumbai: The BCCI-powered Indian Premier League's franchises on Thursday sold out with Bollywood stars, entrepreneurs and business houses alike pumping in as much as Rs 7,000 crore for its eight teams.

Bollywood star Shahrukh Khan's Red Chillies Entertainment shelled out $75.09 million to buy out the Kolkata-based franchise for the inaugural edition of the IPL which begins with a Twenty20 tournament from April 18.

Business tycoon Vijay Mallya, who's United Breweries Group also threw its hat in the ring after buying out Formula One team Spyker which became Force India, bought the Bangalore side for a reported sum of $111.6 million. Actress Preity Zinta along with business partner Ness Wadia bagged the Mohali team for $76 million.

Reliance Industries Ltd Chairman Mukesh Ambani sealed the deal for Mumbai which sold for the highest amount of $112 million, while Delhi's ownership has gone to the GMR Group for $84 million.

The bid for the Chennai-based side was won by India Cements and Jaipur was secured by Emerging Media, while media house Deccan Chronicle bought Hyderabad for $91 million.

Shahrukh Khan had earlier expressed his desire to buy the Mumbai-based side, which instead went to one of the country's leading businessmen, while Mallya was outbid by Ambani for the Mumbai bid.

The BCCI, who opened their bids on Thursday with a minimum amount set at $50 million, received mammoth offers from business giants from across the country for their eight teams that open the inaugural edition.

However, three groups — Future Group, ICICI Venture and Sahara Hospitality were disqualified, after which 11 companies remained in the race.

The BCCI earlier sold the IPL's media rights for over $1 billion.

The players will also be available in an EPL-style transfer window, enabling the teams to buy out players on their radar.

IPL team owners:

Bangalore - Vijay Mallya - $112 million

Mumbai - Mukesh Ambani - $112 million

Kolkata - Shahrukh Khan - $76 million

Delhi - GMR - $ 84 million

Chennai - India Cement - $91 million

Mohali - Preity Zinta, Ness Wadia - $76 million

Jaipur - Emerging Media - $67 million

Hyderabad - Deccan Chronicle - $107 million