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How Quickly IPL Teams Spent Money

Last updated on: November 26, 2024 12:49 IST

At the start of the auction on Sunday, Punjab Kings had the highest funds at Rs 110.5 crore, which decreased to Rs 10.9 crore before Day 2 on Monday.

IMAGE: Mumbai Indians Owners Nita Ambani and Akash Ambani during the IPL auction in Jeddah, Saudi Arabia. Photograph: BCCI

Day 2 of the Indian Premier League mega auction saw teams spending more on bowlers, with United Spirits' Royal Challengers Bengaluru (RCB) shelling out Rs 10.75 crore (Rs 107.5 million) for fast bowler Bhuvneshwar Kumar, marking the highest spend of the day.

Of the top 10 buys on Day 2, six were fast bowlers. Reliance Industries-owned Mumbai Indians (MI) made the second-highest purchase of the day, securing bowler Deepak Chahar for Rs 9.25 crore (Rs 92.5 million).

"In an auction, you have to be prepared for disappointments," said Akash Ambani, representing MI at the press conference streamed live on JioCinema.

"We've got our Playing 12. Over the past three years, we've put a lot of thought into our strategy, and I believe we're ready for the new Twenty20 game."

He also expressed disappointment over losing several former MI players in the auction. MI, which has won the IPL five times, last claimed the trophy in 2020.

At the start of Day 1's auction, the cumulative funds of all IPL teams totalled Rs 641.5 crore (Rs 6.415 billion). By the end of Day 1, the total was Rs 173.55 crore (Rs 1.7355 billion).

Punjab Kings had the highest funds at Rs 110.5 crore (Rs 1.105 billion), which decreased to Rs 10.9 crore (Rs 109 million) before the start of the accelerated auction.

Australian cricketer Josh Hazlewood was the most expensive buy for RCB on Day 1 at Rs 12.5 crore (Rs 125 million). On Day 2, RCB had the largest remaining purse at Rs 30.65 crore (Rs 306.5 million).

Sun TV Network's Sunrisers Hyderabad began Day 2 with the lowest remaining funds at Rs 45 crore (Rs 450 milion). After 116 players had been auctioned, their purse stood at Rs 5.15 crore (Rs 51.5 million).

Of the 116 players auctioned before the accelerated round, 89 were sold, with a cumulative spend of Rs 549.3 crore (Rs 5.493 billion). By the time 140 players were sold, the total spending had risen to Rs 612.25 crore (Rs 6.1225 billion), with 81 players remaining unsold.

Several international players went unsold, including New Zealand's former captain Kane Williamson and Australia's David Warner. Among Indian batters Prithvi Shaw, Mayank Agarwal and all-rounder Shardul Thakur also went unsold.

The JSW and GMR co-owned Delhi Capitals acquired top players in the first session of Day 2.

Speaking about their purchases, Venugopal Rao, director of cricket for Delhi Capitals, said, "This time, our batting and bowling lineups are very well-balanced. Our bowling lineup is experienced, with fast bowlers like (Mitchell) Starc, (Thangarasu) Natarajan, Mohit (Sharma), and Mukesh (Kumar)."

"They'll complement our spinners Axar (Patel) and Kuldeep (Yadav). While batters win matches, bowlers will win us the title."

On acquiring IPL veteran Faf du Plessis, Sourav Ganguly, director of cricket for Delhi Capitals (Women's Premier League) and JSW Sports, said, "He's been outstanding in the T20 format, with a terrific Caribbean Premier League and Major League Cricket."

"Faf's leadership skills are another strong asset, and we're thrilled and surprised to have acquired him for this price."

Pant's Brand Value on the Rise

Roshni Shekhar

IMAGE: Rishabh Pant celebrates his sixth Test century. Photograph: BCCI

'He doesn't need to hit today. He's going big anyway,' Virat Kohli made a light-hearted comment on Rishabh Pant in Australia while playing the first Test on Sunday in an oblique reference to the IPL auction.

While Pant has batted his way to being the highest auctioned player at the IPL auction at Rs 27 crore (Rs 270 million), experts believe he has many more sixes to hit and needs to be consistent to become the face of Indian cricket.

However, they also say Pant for now has definitely attracted the attention of brands. So far, Pant has 15 brands signed with him. This number is yet to reach new heights, boosting Pant as a brand.

"Pant is currently valued at about $15 million and I feel his value will go up by anywhere between 30 per cent and 40 per cent for deals," Harikrishnan Pillai, CEO and co-founder, TheSmallBigIdea, a creative digital marketing agency, told Business Standard in a virtual interaction.

Pillai has worked with Zee Network and Reliance Broadcast before co-founding TheSmallBigIdea.

"Brand deals are not new to Pant. What is interesting is the trajectory -- from Rs 1.5 crore to Rs 2 crore (Rs 15 million to Rs 20 million) a few years ago to Rs 27 crore today, his brand deals will also see these astronomical jumps," Pillai added.

Brand experts think that the people (brand management consultants Anant Arora and Indranil Blah) who are managing Pant will definitely hike his price.

Feature Presentation: Ashish Narsale/Rediff.com

Roshni Shekhar

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