India's Rishabh Pant on Sunday broke Indian Premier League auction records after Lucknow Super Giants snapped up the wicketkeeper-batsman for 270 million rupees ($3.2 million), a live broadcast showed.

The winning bid for Pant surpassed the 267.5 million ($3.17 million) paid to Shreyas Iyer by Punjab Kings, in the first set of marquee players in the ongoing auction in the Saudi Arabian city of Jeddah.

A total of 574 players are up for grabs with Indian wicketkeeper Rishabh Pant, England veteran James Anderson and New Zealand all-rounder Rachin Ravindra among the top names in contention at the two-day auction in Jeddah.

The IPL has generated billions in revenue since its inception in 2008, turning the Board of Control for Cricket in India (BCCI) into one of the richest governing bodies in sport.