How different are the IPL and ICL to each other?

The IPL is an official sanctioned Twenty20 tournament, and unlike the ICL, which is not recognised by any of the national boards or the ICC, it will have a better status, international reach, players, and the requisite infrastructure by default. Since the IPL is sanctioned by the ICC, players don't have the danger of bringing their international/first-class careers to a halt - as is the case with the ICL - whose players have been banned by the various boards. Another major difference is with regard to franchises - the ownership of the team rests with the individual owners and not one single entity.