The mega auction for the 2025 season fo the IPL got underway in Jeddah on Sunday, with 574 players shortlisted to go under the hammer. A total of 204 slots, with 70 for overseas players, are available across the ten teams.

The first set of the auction, marquee 1, was the most highly-anticipated one, and it lived up to its billing. Following the sales of Arshdeep Singh and Kagiso Rabada to Punjab Kings and Gujarat Titans respectively, the third player out of the set was India batter Shreyas Iyer.

Read more: IPL 2025 auction day 1, live updates

After an initial bid came in from Kolkata Knight Riders, Punjab Kings and Delhi Capitals both entered the fray. KKR soon pulled out of the competition, with the remaining two teams locked in an intense bidding war.

The winning bid finally came from Punjab, who managed to secure Iyer's signature for an eye-watering 26.75 crore INR, making him the most expensive player in the history of the IPL auction. That record was previously held by Mitchell Starc, who was paid 24.75 crore for the previous season.

Rishabh Pant breaks Shreyas Iyer's record in 20 minutes

But it wasn't long until Shreyas' record was broken as well. India wicketkeeper Rishabh Pant was the last player out of the set, having not been retained by Delhi Capitals for the upcoming season.

Multiple teams entered the fray for the former DC skipper, until Lucknow Super Giants were the last team standing with a winning bid of 20.75 crore. Delhi were willing to use their right-to-match (RTM) card at that point, but LSG's subsequent raise to 27 crore sealed his move to the Ekana Stadium, and made him the most expensive player in auction history.

Full list: Most expensive IPL auction buys

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