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It's not about rich or poor. Its about the quality of the tournament. If Mumbai or other team can sign all of Indian players then what will happen to rest of the teams. There will be one-sided matches which is quite often in happening in the so-called football Leagues u mentioned. If u ask anyone IPL is what it is due to definitive purse they can spend on players.All major sports leagues practice and follow contract signing and Financial Fair play. There also there are rich and poor teams.
If some IPL team is poor, they should find investors.