ACA Chief Paul Marsh, after his recent 'IPL fact-finding mission in India', said the Twenty20 competition had gripped world cricket and administrators needed to embrace the new product.

"What I saw with my own eyes when I went to India was a tournament that had gripped an entire nation. It was on the front page of just about every newspaper, every day, and the spectator and television numbers were enormous," Marsh said.

"The solution to any problems involving the IPL is to put the competition in a designated slot where it can be played every year without clashes with other cricket," he was quoted as saying by The Daily Telegraph.

The report claimed that the collective value of the $765 million IPL franchises has been tipped to surpass $4 billion mark over the next five years as global interest in the competition goes up.