Dubai: Indian star Rishabh Pant becomes the most expensive player in the history of Indian Premier League after Lucknow Super Giants bought him for a record rupees 270 million on the first day of the two-day mega auction, which began Jeddah on Sunday.
The first cricketing event of this stature in Saudi Arabia, a country with an under-served fanbase for the sport among millions of South Asian migrant workers, saw former Kolkata Knight Riders skipper Shreyas Iyer bought by Punjab Kings for rupees 267.5 million.
But as expected the two mega stars enticed a bidding frenzy from the other franchises.
A total of 574 players set to be featured in the Mega Auction in Jeddah, out of which 366 are Indian and 208 are overseas, including 3 players from associate nations. The Auction will include 318 Indian uncapped players and 12 uncapped overseas players.
A total of 204 slots will be up for grabs with 70 available slots for overseas players.
Each team have an allotted Rs 1,200m, which means Rs 6,415m is available for the 10 teams to create the bidding war for their favourite players.
Punjab Kings have the highest purse remaining with Rs 1,105m and followed by Royal Challengers Bengaluru Rs 830m.
Five-time champions Mumbai Indians and Chennai Super Kings have retained their core players with both getting their quota of five players each.
Lot of discussions
Before bidding began, Rajasthan Royals coach Rahul Dravid said managers had done the groundwork but bidding on the day meant nothing could be taken for granted.
"You can prepare... you have a lot of discussions around the players and the tactics that you might employ," Dravid said, according to the IPL.
"But being realistic, you have to be able to think on your feet a little bit."
Punjab Kings coach Ricky Ponting, the former Australia skipper, said there was "huge excitement" but keeping cool during the bidding was critical.
"I think being really really calm, and really clear, at the auction table is a really important thing," Ponting said.
The IPL has generated billions in revenue since its inception in 2008, turning the Board of Control for Cricket in India (BCCI) into one of the richest governing bodies in sport.
In June 2022 it sold the broadcast rights for five IPL seasons to global media giants for $6.2 billion.
The BCCI has sought to broaden the tournament's profile by staging the auction abroad.
Last year it was held in Dubai, a regular host for international cricket tournaments.
Like Saudi Arabia, it has a large base of prospective fans among its migrant worker population.
Putting the auction on in Jeddah is seen as a win-win for a tournament expanding its global reach and a kingdom using sports to improve its image.
De facto ruler Crown Prince Mohammed bin Salman has backed extravagant sports investments - Saudi Arabia are the sole candidates for hosting the football World Cup in 2034 - to diversify its oil-rich economy.
Critics point to Saudi Arabia's human rights record and the murder of journalist Jamal Khashoggi in the Saudi consulate in Istanbul in 2018, accusing the kingdom of "sports-washing".
But Saudi cricket federation chairman Prince Saud bin Mishal said staging the auction reflected the kingdom's "commitment to developing the sport and showcasing its position as a global destination for sporting events".
The IPL is a huge earner for Indian cricket and the tournament makes more than $11 billion for the economy each year.
The pioneering IPL helped make Twenty20 cricket hugely popular, spawning copycat events worldwide.
Dates for next year's IPL have not been released but seasons usually run from March to May.
With inputs from agencies
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