IPL’s biggest deal: Rishabh Pant goes to Lucknow for ₹27 crore

In a landmark moment for cricket in West Asia the Indian Premier League’s two-day mega auction commenced at the Abadi Al-Johar Arena in Jeddah on November 24, 2024, marking Saudi Arabia’s first major cricket event under its Vision 2030 initiative. This triennial mega auction, characterized by its comprehensive squad rebuilding format, has already witnessed unprecedented bidding wars and record-breaking acquisitions.

Day one saw Lucknow Super Giants make history by securing wicketkeeper-batsman Rishabh Pant for an extraordinary ₹27 crore, establishing a new IPL price record. With KL Rahul’s exit, Pant is poised to assume captaincy responsibilities, despite earlier rumors linking him to Chennai Super Kings. Punjab Kings emerged as another major spender, acquiring IPL-winning captain Shreyas Iyer for ₹26.75 crore and spinner Yuzvendra Chahal for ₹18 crore, the highest ever for an Indian spinner. Kolkata Knight Riders also made headlines by signing Venkatesh Iyer for ₹23.75 crore.

The mega auction’s distinct format allows teams to retain only six players maximum, forcing franchises into a substantial rebuild. From an initial registration of 1,574 players, the final auction pool was streamlined to 577 players – 367 Indian and 210 overseas – competing for 204 available slots. The ten franchises collectively hold a substantial purse of ₹641.5 crore for this rebuilding exercise.

Being only the second IPL auction held outside India, following Dubai’s hosting in 2024, this event signifies Saudi Arabia’s growing influence in international cricket. The auction will conclude on November 25, with Day Two featuring accelerated bidding rounds and opportunities for previously unsold players to find teams.

By: Vinod Kumar (UAE)