The Indian Premier League is the most radical idea in cricket in recent times.
Such a league is based on free market system where the value of a player is determined by market economics. The league has been modeled on the other well run professional leagues in the world like the English Premier League and the NBA.

In the high profile bidding for the city based franchisees, Mukesh Ambani, the Reliance Industries chairman, acquired the Mumbai franchise for $111.9 million over a 10-year period; beer and airline baron Vijay Mallya, who also owns a Formula 1 team, won the Bangalore franchise for $111.6 million; Bollywood actor Shah Rukh Khan's Red Chillies Entertainment won the Kolkata franchise for $75 million; the biggest surprise was the Chandigarh franchise, which went to Preity Zinta and Ness Wadia, together with two other industrialists, for $75 million. The prize money for the first edition of the tournament is USD 3$ million.