Indian Premier League (IPL) was founded in 2008 by Lalit Modi, who was then the BCCI president. The IPL is India's premier Twenty20 cricket league. The first season of the IPL started on April 1st, 2008 and ended on March 31st, 2009. The tournament consists of eight teams, each playing each other twice over two months. Each team plays home and away matches. The top four teams qualify for the playoffs, while the bottom four play out a relegation/promotion round.
The IPL is held annually between April and May. The first edition of the IPL was played at five venues across India. Since then, the number of venues have increased to ten.
The IPL is the richest sports event in India. The total prize money offered in the IPL is $300 million. The highest individual award is the Player of the Tournament Award, which is given to the player who performs best throughout the entire tournament. The highest team award is the Champion of Champions Trophy, which is awarded to the winning franchise.
