IPL auction sets new records as Pant and Iyer surpass the $3 million mark

Rishabh Pant Sets IPL Auction Record with $3.2 Million Deal as Teams Splash Big on Global Stars

Indian wicketkeeper Rishabh Pant became the most expensive player in Indian Premier League (IPL) history on Sunday, fetching a record $3.2 million at the auction. The event saw teams spending heavily on world-class players for the lucrative Twenty20 tournament.

A total of 577 players are up for grabs at the two-day auction in Jeddah. Alongside Pant, England veteran James Anderson and New Zealand all-rounder Rachin Ravindra emerged as top picks. Earlier, Punjab Kings shattered the 2023 record of ₹247.5 million paid by Kolkata for Australian Mitchell Starc by signing Shreyas Iyer for ₹267.5 million ($3.17 million).

Shreyas, who led Kolkata Knight Riders to their third IPL title this year, has been announced as the likely captain for Punjab Kings under new coach Ricky Ponting. Ponting, formerly of Delhi Capitals, expressed excitement about reuniting with Iyer.

Punjab's record was short-lived as Lucknow Super Giants secured 27-year-old star wicketkeeper Rishabh Pant for a staggering ₹270 million. Lucknow owner Shashwat Goenka praised Pant’s unparalleled skill and contributions to cricket, calling the acquisition a strategic investment.

Pant's remarkable comeback to competitive cricket this year after a serious car accident in December 2022 further solidified his reputation. Despite parting ways with Delhi Capitals, he continues to be a sought-after talent.

Later in the day, Indian all-rounder Venkatesh Iyer went to Kolkata for $2.81 million after an intense bidding war with Royal Challengers Bengaluru, becoming the third-highest buy.

A Day of Fierce Bidding

The auction opened with a heated contest for Indian pacer Arshdeep Singh, who ultimately returned to Punjab for $2.13 million. Meanwhile, Australian left-arm quick Mitchell Starc, released by Kolkata, joined Delhi for $1.39 million.

Other notable deals included:

• Josh Hazlewood (Australia) and Jofra Archer (England) for $1.48 million each, going to Bengaluru and Rajasthan Royals, respectively.
• Trent Boult (New Zealand) rejoining Mumbai Indians for $1.48 million.
• Afghanistan spinner Noor Ahmad heading to Chennai Super Kings for $1.18 million.
• England’s white-ball captain Jos Buttler moving to Gujarat Titans for $1.87 million.
• Indian pacer Mohammed Shami joining Sunrisers Hyderabad for $1.18 million.

However, some prominent players, including Australia’s David Warner and England’s Jonny Bairstow, remained unsold, with the possibility of being picked later.

Global Reach and Economic Impact

The IPL continues to expand its global presence, holding the auction abroad for the second consecutive year. After last year’s Dubai event, this year’s auction in Jeddah aligns with Saudi Arabia’s efforts to enhance its image through sports. The move also taps into a vast fan base among the kingdom's migrant worker population.

The IPL is a major economic driver, contributing over $11 billion annually to India’s economy. Since its inception in 2008, the league has transformed cricket, generating billions in revenue and inspiring similar tournaments worldwide.

Broadcast rights for IPL seasons 2023-2027 were sold for a staggering $6.2 billion, further solidifying the tournament's status as a global sporting phenomenon.

While dates for the next IPL season remain unannounced, the tournament traditionally runs from March to May.