In September 2007, the Board of Control for Cricket in India (BCCI) announced the establishment of the Indian Premier League, a Twenty20 competition to be started in 2008.In January 2008, the BCCI unveiled the owners of eight city-based franchises. The Chennai franchise was sold to the India Cements for $91 million, making it the fourth most expensive team in the league behind Mumbai, Bangalore and Hyderabad.India Cements acquired the rights to the franchise for 10 years.