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.