Indian Premium Leagues are the most anticipated cricket event in India. It is a professional cricket match played in the Twenty20 cricket format. Usually, it is played between March and April every year. Eight different teams compete in this league, each representing a different Indian city. IPL is the most-attended cricket event in the world. It is administered and governed by BCCI (Board of Control for Cricket in India). The event is so commercially successful that according to BCCI, the 2015 IPL season contributed ₹11.5 billion (US$160 million) to the Indian GDP. It was also the first sporting event to be telecasted live on YouTube.
The first foundation for IPL was laid on 13th September 2007 when BCCI announced the launch of a Franchise-based cricket event to be held in March 2008. Mr. Lalit Modi is credited for the creation of IPL as he was the one who spelled out the format, fixed the prize money, etc. To decide the owners for this new league, an auction was held on 24 January 2008. The total base prices of the franchises cost around $400 million. The winning bidders were announced along with the cities the teams would be based in. Finally, in 2008 the first IPL took place.
The IPL started with eight competing cities. They were Chennai Super Kings, Delhi Capitals, Kings XI Punjab, Kolkata Knight Riders, Mumbai Indian, Rajasthan Royals, Deccan Chargers, and Royal Challengers Bangalore.
However, they have changed and been replaced over time. 2009 champions, the Deccan Chargers were replaced by Sunrisers Hyderabad due to an inability to find new owners. In 2011 Pune Warriors and Kochi Tuskers Kerala were announced as two new official teams. However, only a year later, Kochi Tuskers Kerala was terminated due to an IPL breach.
In 2013 Pune Warriors also withdrew from the IPL due to financial differences. In 2015 two highly successful teams, Rajasthan Royals and Chennai Super Kings were terminated for two years due to their involvement in fixing scandals. They were replaced by Gujarat Lions and Pune Super Giants.
The eight teams play against each other twice in a home-and-away-match. The format is twenty-twenty in the league phase. Once the league phase is over four teams are qualified. The top two teams go against each other in the first qualifying match. The winning team moves to the final, while the losing team gets another chance to defend their title. The third and fourth teams from the league phase play against each other in an eliminator match. The winner of this match then goes against the loser of the first qualifying match. The team who emerges winner in this game goes against the winner of the first qualifying match and the survivor is declared the IPL champion.