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The BCCI launched the Indian Premier League (IPL) on the lines of football's English Premier League and the National Basketball League (NBA) of the US.

The IPL is a professional Twenty20 cricket league created and promoted by the BCCI and backed by the ICC. The Twenty20 league is set to debut in April 2008, with eight teams comprising a minimum of 16 players each. The league will last for 44 days and will involve 59 matches.

The IPL works on a franchise-system based on the American style of hiring players and transfers. These franchises were put for auction, where the highest bidder won the rights to own the team, representing each city.

The auction for the same took place on January 24, 2008 and the total base price for the auction was $400 million. The auction went on to fetch $723.59 million.

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