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The great West Indian legend Sir Viv Richards has revealed his support for the Indian Premier League and claimed the 20-20 competition allows players to really exploit their market value.

India one-day skipper M.S Dhoni and Australian all-rounder Andrew Symonds attracted bids of more than US 1million in the player auction for the IPL in Mumbai on Wednesday and Sir Richards thinks more players will be tempted to play in lucrative competitions in future.

"We have long complained about the finances in cricket," he told the Sydney Morning Herald. "I think it's great for those guys, now that they know financially they can secure their future.

"The sort of money that was attached to cricket did run a lot of people away to try other careers, but now that we have the perks there will be a lot more cricketers trying to hit that jackpot."

And Richards, who is the ambassador for the Caribbean`s Stanford 20-20, believes the IPL could point the way for further Twenty-20 franchised leagues around the world.

"So long as the Indians are going to be on board with the mass audience and power they have in world cricket, it is a great endorsement for the Twenty20 form to go further," he added.

"If it can be arranged I don't think anything would be wrong with that. Others, establishment-wise, see these things sometimes as threatening but I think it must be discussed."