Rishabh Pant sets IPL auction record at $3.2 million as teams invest heavily in stars

Rishabh Pant set a new record as the most expensive player in Indian Premier League history, sold for $3.2 million at the auction in Jeddah. This surpasses the previous record of $3.16 million set by Shreyas Iyer earlier in the day. The auction featured 577 players, with notable signings including Jos Buttler for $1.49 million and Mohammed Shami for $940,000. The bidding began with a competitive start, highlighted by Arshdeep Singh's sale for $1.7 million. The IPL aims to expand its global reach by hosting the auction abroad, following last year's event in Dubai. The tournament has significantly increased revenue since its start in 2008, making the Board of Control for Cricket in India one of the wealthiest sports governing bodies.