"The tournament is still on and we have not reached the final number. Yes, it will be more than a billion dollars (about Rs 4,700 crore) this season. Last season we did $450 million.
"Thereafter, we would double every year," Modi said. He asserted that as long as fans keep flocking to the IPL, the league's brand value would keep increasing and hence the revenue would too.
Modi also said that Sony, the official broadcaster of the IPL, would alone have a revenue of Rs. 700-800 crores. He also brushed aside criticism that the advertising rates for IPL-3 were very high.
"There may be some advertisers who feel that way but there are many others who are willing to join us," he said pointing out that the huge success of the tournament in terms of TV viewership would certainly entice the advertisers.
"There is no other sporting event across the world generating more eyeballs than the IPL," he said, adding that the league was virtually in every part of the world through either broadcasters or through the Internet via YouTube.
Recently, Brand Finance had come out with a valuation of USD 4.13 billion for the IPL, which was more than double the valuation from last year. Modi said about the figure that "it is indeed the valuation given to us by outsiders."
Comparing the English Premier League with the IPL, the study said that although the English Premier league was valued much higher than the IPL at USD 12 billion, the IPL had risen to its value of USD 4 billion in just three years.
Modi also pointed out that with regards to the EPL and bigger sports clubs in the West, most of those had negative cash flows and the EPL itself was facing a USD 800 million deficit.
"Here, we are talking about cash flow and it is going to grow in the future at IPL," he said, while detailing the dynamics of the financing of IPL franchises.
Modi said that the IPL teams had no load on them. "We are providing infrastructure and stadiums free of cost," he added.
To questions on predictions from some quarters that the IPL would not be able to sustain this kind of explosive growth, Modi retorted, "Let them (cynics) say anything. I know the numbers. I know the game. I have delivered. We will continue to deliver."
"The success of the IPL has hinged on its capacity to draw huge crowds - a fact that need not be proven again and again," Modi said.
He also added that there was a level playing field for all the teams since they were equally placed financially in their capacity to buy players, since the IPL had fixed caps for the maximum amount that could be bid.
"The level playing field between the teams would make the event more interesting," he said and added that another factor for success was that the revenue would be proportionate to the number of matches that are played.
"This season there are 60 matches and the number would go to 90 by next year and, therefore, the revenue would increase on a pro-rata basis," he said.