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Will cricket outpay soccer?

The Indian Premier League (IPL) is creating some interesting financial headlines. Today at foxsports.com.au and in the Melbourne Herald Sun newspaper, the head of the IPL, Mr Lalit Modi declared:

"We set a salary cap of $5 million [for the eight IPL franchises] for the first season ... but if we hadn't done that, I can tell you that our players would already be the highest-paid across any sport in the world".

I recall Preston, Ross & Szymanski arguing for a pro cricket league a few years ago, in part on the grounds that cricketers were relatively underpaid. Pandora's box is now officially open!