Mumbai, Jan 24 : With a tag of over 100 million dollars Mumbai, Bangalare and Hyderabad today become the most expensive teams of the Board of Control for Cricket in India (BCCI) sponsored Indian Premier League.

The cricket body has announced the list of franchisee of owners of all eight cities.

"After all, it helps cricket come up and good our players will get a lot of exposure and domestic cricket will be strengthened so I think it's a good process," said BCCI secretary Niranjan Shah.

Vijay Mallya's UB group got franchise of Bangalore at 111.6 million dollars, Mukesh Ambani's Reliance Industries Limited got Mumbai at 111.9 million dollars and Deccan Chronicle got franchise of Hyderabad team at 107 million dollars.

"I got the Bangalore team for 111.6 million I was the under bidder for Mumbai, Reliance industries got it for 111.9 and my bid was 111.6 for Mumbai so that went to the Reliance, so yeah I took Bangalore for 111.6," said Vijay Mallya.

India Cements bagged Chennai at 91million dollars, GMR group Delhi at 84 million dollars, Emerging Media got franchisee of Jaipur at 67 million dollars, Shah Rukh Khan's Red Chillies Entertainment got Kolkata at 75.09 million dollars and Preity Zinta and Ness Wadia bagged Mohali at 76 million dollars.

Sony Entertainment Television has bagged the broadcasting rights of the Indian Premier League (IPL) for 10 years at 1.026 billion dollars.

The IPL is a Twenty20 competition. It was announced after the BCCI declined permission to allow BCCI-contracted players to play in the Indian Cricket League (ICL).

The league is scheduled to start in April this year and will last for 44 days, involving 59 matches. The prize money for the league will be around three million dollars.

Each team will have a pool of 16 players, of whom four will be international and four from the Under-19 level or from the catchment area where the team is based.

The governing council of IPL consists of cricket veterans Sunil Gavaskar, MAK Pataudi and Ravi Shastri, Rajiv Shukla, Chirayu Amin, Inderjit Singh Bindra and Arun Jaitley.

ANI