How Shane Warne and Glenn McGrath agreed to play in the IPL | Richard Madley Exclusive Interview

A recent report by US-based investment bank Houlihan Lokey revealed that the value of the Indian Premier League (IPL) has surged to an estimated USD 20.6 billion (£15.5 billion). The report also claimed that "on a per-match basis, only the NFL ranks ahead of the IPL globally."

However, few could have predicted such a rise when the foundations of the IPL were laid in 2008. In fact, as renowned auctioneer Richard Madley recalls, the organisers had to convince some of the biggest names in world cricket to enter the inaugural player auction and commit to playing in the IPL.

In an exclusive interview with Mr Cricket UAE, Madley revealed how Australian legends Shane Warne and Glenn McGrath had to be "encouraged" to take part in a tournament that has since grown into one of the most valuable sporting assets in the world.

"They both [Warne and McGrath] had to be, uh, encouraged," Madley revealed. "Glenn McGrath was encouraged to come out and play in what was, at the time, a tournament that was unknown. It had no track record. People were unsure of its financial backing. People were unsure whether it would actually take place.

"So I would say that he [Warne] had initially been reluctant to accept the invitation, but that quickly changed when he heard how much money was involved.

"And once he heard that he was guaranteed USD 400,000 to participate in the auction, his mind was quickly changed. Glenn McGrath had signed up and [Warne] asked how much McGrath was getting. When the USD 400,000 figure was mentioned, Warnie allegedly said, 'Give me USD 450,000 and I'm coming to India,' and the deal was done.

"After that, the phone was picked up to 82 of the world's other top cricketers to say, 'We've got Glenn McGrath signed up. We've got Shane Warne signed up. Are you in?' And, of course, they all said, 'Yes, we are in.'"

While McGrath was picked up by Delhi Daredevils (now Delhi Capitals) for USD 350,000, his compatriot and former bowling partner Warne was sold to Rajasthan Royals for USD 450,000.

Warne was subsequently named Rajasthan Royals captain and went on to guide the franchise to the title, defeating Chennai Super Kings by three wickets in the final at the Dr DY Patil Sports Academy in Mumbai.