It all started in the year 2007 when Zee Entertainment Enterprise funded to start a private cricket league called Indian Cricket League which is being played in the new form of cricket Twenty20. So many prominent cricketers like Kapil Dev, Kiran More joined this new venture. So many international cricket team and Indian teams were participated in the matches.
But it was not recognized by ICC and BCCI. BCCI asked all the Indian cricketers who were associated with the Indian Cricket League to resign from their post. ICC refused to interfere between BCCI and ICL. The local and unpopular players in ICL were getting a handsome remuneration compared to BCCI pay. For this reason , BCCI increased the pay of its players. But due to monetary reasons and threat from BCCI, ICL could not pull along for more than 2 years.
But impressed by the idea of T20 tournament, in September 2007 BCCI announced the starting of franchise based tournament called Indian Premiere League. In 2008 April, Lalit Modi , Vice President of BCCI and mastermind behind the IPL started the first IPL in a grand ceremony in New Delhi. Thus started the annual cricket extravaganza called IPL.
IPL's brand value is 5.3bn in its 10th edition. In 2015 IPL contributed 11,50 crores to India's GDP.By 2018 the brand value of IPL increased to 34000 Crores & in cricket IPL is the biggest money spinner .