The India Premier League that took place earlier this year shook the face of the cricketing world. A new era of cricket had dawned upon us and everyone was intrigued at how this would unfold.

Teams were sold to private owners who became franchisees of the BCCI.

Players were sold in an open auction as the free market price rule was applied to cricketers for the first time ever.

Unprecendeted levels of money was spent on some cricketers.

Team owners generously spent money on team launches, advertisements, music videos, and bollywood ambassadors for the teams among a number of other things.

While all this money was being spent on teams and players, there was one question in everyone's mind - how will the team owners make money?

Gate money was one of the most common answers.

Share of sponsorship fee and TV rights was another.

Others suggested a number of other revenue streams such as selling team memorabilia and opening restaurants themed on the teams.

Those who thought that the likes of Mukesh Ambani, Vijay Mallya, and Shahrukh Khan had money to throw away and didn't care about the profits or losses from a cricket team were soon to realise that these men were serious about making money from cricket.

These guys were dead serious about making money that the investment bankers had shown they could.

When the IPL's 1st season ended, no one really knew where the franchises stood.

Had they made money? Had they made huge losses? Will they sell some players to make up for the losses? Will they sell their teams? Will new partners be brought on? These along with numerous other questions were being asked.

The IPL was a success no doubt. For the BCCI and the players, it was a huge success.

But was it for the franchises? Was it for India Cements and Emerging Media? For Ambani and Mallya? for Preity and Shahrukh?

According to BCCI's recently held Annual General Meeting, it definitely was!

At the AGM, the BCCI announced that each franchise owner has recovered 80% of its first year cost through television and sponsorship revenues.

This doesn't mean that any of them are profitable yet but it is still more money than even they thought they would make in the 1st year.

Their 10-year returns have just gone higher than they expected.

Sure they're still a long way away from breaking even, but this wouldn't stop Priety Zinta or Vijay Mallya from smiling their way to the bank.

Come tomorrow and the 8 IPL franchisees will be getting together to bid for the cricketers they want in their teams.

Sounds fun doesn't it? - after all the only thing required is a suitcase full of dollars and knowledge about the players available. That can't be difficult can it? All 8 franchisees have truck loads of dollars and they know their cricketers.

But its not as simple as it sounds. There are certain restrictions in place which have given this IPL player auction the image of a mathematical problem rather than a selectorial headache.

You have to spend a minimum of $3.3 million but can't go above $5 million.

You have to choose 8 international players

You have to choose 4 under 22 players

You have to choose 4 players from the local catchment areas

You can choose as many Indian players as you like

You cannot have more than 2 Australian players in the same team

You cannot choose Sachin, Ganguly, Dravid, or Yuvraj unless you are Mumbai, Kolkata, Bangalore, or Mohali respectively. The same is being requested for Laxman (Hyderabad) and Sehwag (Delhi).

The above mentioned Icon players will earn 15% more than your highest paid cricketer