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The original master blaster said there was nothing wrong in bringing a lot of money to the game as it would be beneficial for the players.
"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," Richards was quoted as saying in the Sydney Morning Herald.
"We have long complained about the finances in cricket. I think it's great for those guys, now that they know financially they can secure their future," he said.
Richards, one of 14 legends on the payroll of Texan billionaire Sir Allen Stanford and a board member and ambassador for Stanford 2020 in the Caribbean, said with its money power IPL would help Twenty20 cricket grow bigger.
"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. 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."
A big fan of Australian all-rounder Andrew Symonds, Richards said players of his calibre would enhance the glamour of IPL.
"I am a great fan of Andrew Symonds, his fielding and the way in which he plays his cricket, with that sort of aggression. Having people like that on board is certainly going to add to the IPL razzmatazz," he said.
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