section_path: History/Foundation
section_name: Foundation
paragraph_text: Foundation
  
  On 13 September 2007, as the 2007 ICC World Twenty20 began, the BCCI launched the Indian Premier League, an annual franchise-based Twenty20 cricket competition. The inaugural season was scheduled to start in April 2008, commencing with a "high-profile ceremony" in New Delhi. BCCI vice-president Lalit Modi, who led the IPL initiative, provided details of the tournament, including its format, prize money, franchise revenue system, and squad composition rules. The league, to be managed by a seven-person governing council, would also serve as the qualifying mechanism for that year's Champions League Twenty20.
  
  To determine team ownership, an auction for the franchises was held on 24 January 2008. The reserve prices for the eight franchises totalled $400 million, but the auction ultimately raised $723.59 million. The league officially commenced in April 2008, featuring Chennai Super Kings (CSK), Mumbai Indians (MI), Delhi Daredevils (DD), Kings XI Punjab (KXIP), Deccan Chargers (DC), Rajasthan Royals (RR), Kolkata Knight Riders (KKR), and Royal Challengers Bangalore (RCB).
  
  In 2009, the BCCI and other national boards offered amnesty to rival ICL's players and officials, provided they terminated their contracts. The resulting player exodus and financial difficulties forced ICL to shut down later that year.
  
  On 13 September 2007, as the 2007 ICC World Twenty20 began, the BCCI launched the Indian Premier League, an annual franchise-based Twenty20 cricket competition. The inaugural season was scheduled to start in April 2008, commencing with a "high-profile ceremony" in New Delhi. BCCI vice-president Lalit Modi, who led the IPL initiative, provided details of the tournament, including its format, prize money, franchise revenue system, and squad composition rules. The league, to be managed by a seven-person governing council, would also serve as the qualifying mechanism for that year's Champions League Twenty20.
  
  To determine team ownership, an auction for the franchises was held on 24 January 2008. The reserve prices for the eight franchises totalled $400 million, but the auction ultimately raised $723.59 million. The league officially commenced in April 2008, featuring Chennai Super Kings (CSK), Mumbai Indians (MI), Delhi Daredevils (DD), Kings XI Punjab (KXIP), Deccan Chargers (DC), Rajasthan Royals (RR), Kolkata Knight Riders (KKR), and Royal Challengers Bangalore (RCB).
  
  In 2009, the BCCI and other national boards offered amnesty to rival ICL's players and officials, provided they terminated their contracts. The resulting player exodus and financial difficulties forced ICL to shut down later that year.