MUMBAI: The IPL auction ahead of the sixth season turned out to be a lavish affair with nine franchises spending $11.89 million on 37 players with 24-year-old Australian all-rounder Glenn Maxwell leading the pack with a $1 million purchase by Mukesh Ambani-owned Mumbai Indians.

The Sunday?s auction came alive with a bidding war between Mumbai Indians and Sunrisers Hyderabad for Maxwell, who was the only person to get a seven figure deal. Sun TV-owned franchise applied the brakes at $975,000 which saw Mumbai Indians getting Maxwell for $1 million.

Sri Lankan spinner Ajantha Mendis went to Pune Warriors for $725,000. Unknown Australian pacer Kane Richardson went for $700,000 to the same team.

In contrast to Maxwell?s good fortune, more experienced Australian players Ricky Ponting and Michael Clarke, also the two marquee players at the auction, went at their base price of $400,000 to Mumbai Indians and Pune Warriors India respectively.

South African all-rounder Chris Morris, who has played only one T20, was taken by Chennai Super Kings for $625,000. Sri Lankan off-spinner Sachithra Senanayake whose base price was $50,000 went to the Kolkata Knight Riders for $625,000.

Uncapped Australian Nathan Coulter-Nile got $450,000 from Mumbai.

Among the Indian cricketers who did well Abhishek Nayar, who last played for Kings XI Punjab, went to Pune Warriors for $675,000. Sunrisers paid $500,000 for Manpreet Gony and Royal Challengers Bangalore paid $525,000 for Jaydev Unadkat.

The Sunrisers picked up six players. Royal Challengers Bangalore picked up seven players, Mumbai and Chennai bought five players each. Shah Rukh Khan?s Kolkata Knight Riders and Preity Zinta?s Kings XI Punjab bought two players each. Delhi Daredevils bought three players.

IPL chairman Rajeev Shukla said that the franchises wanted to only fill specific slots in their squads. He also said that the next IPL auction would see 350 to 400 players being traded.

"It?s not a full-fledged auction. The franchises this time only wanted to fill the places in the squads. It?s not like it has gone down and all. Next year we will have a full-fledged auction where in there will be over 350 to 400 players in fray," Shukla said.

MUMBAI: Reliance Industries-owned Indiawin Sports, the company that holds franchise rights for Mumbai Indians, has posted a net loss of Rs 3.9 million for the fiscal ended 31 March 2012 and could break even in FY?13.

The company?s turnover stood at Rs 1.7 billion during the season 4 of IPL, higher than Chennai Super Kings? (CSK) Rs 1.4 billion. The running costs are, however, more than CSK?s which has achieved break-even status.

Indiawin has narrowed its fiscal loss while upping its revenue. For the fiscal ended 31 March 2011, the company had posted a net loss of Rs 154.2 million on a turnover of Rs 1.12 billion.

The company had total assets of Rs 1.34 billion in FY?12 compared to Rs 652.8 million a year ago. Negative reserves were at Rs 906.1 million, from Rs 900.22 million in FY?11.

Total liabilities stood at Rs 1.34 billion while it had a capital of Rs 26.5 million.

RIL, which has 98.3 per cent stake in Indiawin Sports, had bought the IPL Mumbai franchise for $112.9 million for a period of 10 years. Teesta Retail owns 1.7 per cent stake.

The major revenue stream for IPL franchises include income from central sponsorships and central broadcasting besides team sponsorships, gate receipts, in-stadia advertising, merchadise sales and media tie-ups.

Major cost heads are franchise fee, players salaries, travel costs, team promotion, stadium fess and other administration costs.

For Mumbai Indians, the franchise fee per year is $11.19 million while the IPL has fixed salary cap for players at $9 million. Other costs go up or down from season to season.

Last year, the franchise had Hero Honda (now Hero MotoCorp) as team sponsor, MasterCard as founding sponsor, and Bridgestone as team sponsor while Royal Stag, Kingfisher, Loop Mobile, Coca Cola, adidas, Dheeraj Realty and Air India were the official partners.

This year Mumbai Indians has roped in a new sponsor, Dewan Housing Finance Corporation, which has come as associate sponsor. It has also inked a licensing pact with Disney to launch co-branded merchandise products.

The merchandise revenue of Mumbai Indians is expected to climb in comparison to last year?s revenue of Rs 50-60 million.

Mumbai Indians, despite its loss in qualifiers, is also expected to rake in the moolah from gate receipts due to record spectator turnout for all its home matches.

The franchise has made significant gains due to meticulous focus on nurturing a core team under Sachin, strong fan engagement efforts, sponsorship and merchandising.

Reliance Industries had bought the Mumbai franchise for $111.9 million in 2008. The franchise was valued at $57.1 million by brand valuation firm Brand Finance in 2011.