IPL Auction: Why Punjab broke the bank for Shreyas Iyer

Punjab Kings head coach Ricky Ponting rated Shyreas Iyer, whom they have bought for a massive Rs 26.75 crore in the mega auction, as the ideal choice to lead the team in IPL 2025.

Iyer led Kolkata Knight Riders to the IPL 2024 title earlier this year, but was released by the franchise after failing to agree terms.

Iyer's Rs 26.75 crore bid briefly made him the most expensive IPL player in history before his India teammate Rishabh Pant set a new benchmark with a staggering Rs 27 crore deal with Lucknow Super Giants.

"I have worked with him in the past in Delhi (Capitals); he has been a successful captain in the IPL before," said Ponting in Jeddah on Sunday.

"Obviously, he's a championship-winning captain from last season. We have got someone there who can do the job if that's the way we decide to go," he said.

The Aussie World Cup-winning captain also highlighted Iyer's stellar unbeaten 130 for Mumbai in the Syed Mushtaq Ali Trophy on Saturday.

"I'm delighted to have him back and work with him. He also got a good 57-ball 130 not out in the Syed Mushtaq

Ali Trophy yesterday. If he can do that for us in the IPL, I think we all will be happy," added Ponting.

Having purchased the Indian trio of Iyer, left-arm quick Arshdeep Singh and veteran leg-spinner Yuzvendra Chahal from the auction room, Ponting said they have "hit their targets".

"The thing with the auction is that you just have to be flexible and move with the way the auction goes. We had some targets coming in and hit those three targets so far."

Delhi Capitals used the (Right To Match) RTM card for the flamboyant keeper Pant at Rs 20.75 crore, but LSG owner Sanjiv Goenka sealed the bid with a monster Rs 27 crore deal.

However, Goenka latter admitted they 'slightly' overpaid for Pant.

"This was part of our plan, he was on our list. We had kept about Rs 26-crore for him. So, 27 (crore) was slightly up but we are happy to have him.

"He is an outstanding player, a team-man, a match-winner. All our fans should be very, very happy to have him as a member of LSG."

Asked how they arrived at the magic figure, Goenka's son Saswat said: "Like Ricky was saying, what happens at the auction table happens at the auction table, no matter how much you planned for it. Things don't work out that way.

"It wasn't really a magic number; it was just what we felt at that moment would have been the right number for us to ensure that the RTM doesn't get exercised," he added.