The document discusses the Indian Premier League (IPL), a Twenty20 cricket competition created by the Board of Control for Cricket in India and sanctioned by the International Cricket Council. The IPL features the best cricket players from around the world playing on teams owned by business franchises, rather than for their home countries. Players are assigned to franchises through public auctions where franchises bid on players. Franchises then earn income from their teams which is distributed according to the IPL's business rules.