The first season was scheduled to start in April 2008 in a 'high-profile ceremony' at New Delhi. On 13 September 2007, following India's victory at the 2007 T20 World Cup, the BCCI announced a franchise-based Twenty20 cricket (T20) competition called the Indian Premier League. Foundation A match during the 2008 IPL inaugural season in Chennai To prevent players from joining the ICL, the BCCI increased the prize money associated with its domestic tournaments and imposed lifetime bans on any player joining the rival league, which the BCCI considered a rebel league. The ICL was not recognised by the Board of Control for Cricket in India (BCCI) or the International Cricket Council (ICC), and the BCCI was unhappy about its own committee members joining the ICL executive board. The Indian Cricket League (ICL) was founded in 2007 with funding provided by Zee Entertainment Enterprises. The current champions are Chennai Super Kings, who won the season 2023 after defeating Gujarat Titans in the final at the Narendra Modi Stadium in Ahmedabad. As of 2023, there have been sixteen seasons of the tournament.

In 2023 the league sold its media rights for the period of 2023–2027 for US$6.4 billion to Viacom18 and Star Sports, making the IPL's value per match $13.4 million. Its 2023 final was the most streamed live event on internet with 3.2 Cr or 32 million viewers. In December 2022, IPL became a decacorn valued at US$10.9 billion, registering a 75% growth in dollar terms since 2020 when it was valued at $6.2 billion, according to a report by consulting firm D and P Advisory.

According to BCCI, the 2015 IPL season contributed ₹1,150 crore (US$140 million) to the GDP of the economy of India. The brand value of the league in 2022 was ₹90,038 crore (US$11 billion). Other Indian sports leagues have been established based on the success of the IPL. In 2010, the IPL became the first sporting event to be broadcast live on YouTube. The IPL is the most-popular cricket league in the world in 2014, it was ranked sixth by average attendance among all sports leagues. It has an exclusive window in the ICC Future Tours Programme due to fewer international cricket tours happening during IPL seasons worldwide. The competition is usually held in summer between March and May every year. The Indian Premier League ( IPL) (also known as the TATA IPL for sponsorship reasons) is a men's Twenty20 (T20) cricket league that is annually held in India and contested by ten city-based franchise teams.

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