A total of 16 entities took part in the franchise auction on Wednesday after 17 entities were understood to have submitted their bids.
Arun Dhumal, the chairman of the IPL, said that finalising the schedule and itinerary for the first season of the WPL was "a work in progress".
Under the revenue sharing model, the women's IPL will distribute 80% of the media rights money to the five franchises in the first five years. This is significant - as was seen in the men's IPL - in offsetting a major part of the franchises' operational costs.