The auction of the eight newly created regional cricket teams that will compete in the Indian Premier League (IPL) yesterday raised $720 million (£366 million) as Bollywood stars vied with billionaire businessmen for ownership of some of the most desirable trophy assets in South Asia.

Mukesh Ambani, the mogul behind Reliance Industries, who is India’s richest man, won the most expensive franchise, for Bombay, the country’s commercial capital, bidding $111.9 million.

Vijay Mallya, the beer-to-airlines billionaire, tabled $111.6 million to win Bangalore, the centre of India’s IT industry.

Last week a consortium of India’s Sony Television network and the Singapore-based World Sports Group agreed to pay $1 billion for the media rights for the new Twenty20 competition over ten years.

The IPL, whose organisers have promised to pitch the world’s elite players against each other, will begin its inaugural season in April. Some 59 matches will be played over 44 days.

Shah Rukh Khan, the Bollywood actor, acquired the cheapest team, Calcutta, a snip at $75 million.

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