Mansur Ali Khan Pataudi is on the panel to decide on the Player of the Tournament for the inaugural edition of the IPL © AFP

Three former India captains - Mansur Ali Khan Pataudi, Sunil Gavaskar and Ravi Shastri - also part of the IPL's governing council, have been assigned the task of selecting the Player of the Tournament for the inaugural edition of the league.

The chosen one will get a trophy besides Rs 10 lakh (approx US$25,000). Given the billions of dollars at stake in the league, the Rs 10 lakh prize does sound a bit down-to-earth, considering the winner of the corresponding award in the Indian Cricket League's ongoing Twenty20 tournament gets Rs 40 lakh (approx US$100,000).

"Choosing a Man of the Match or a Man of the Series is always a difficult job," Gavaskar said, "but hopefully with the years of experience between Tiger [Pataudi], Ravi and myself, I am sure that our choice for the Man of the Series will not disappoint the lovers of the game."