Crespo was snapped up by the Barasat franchise for the league which is modelled on cricket`s highly successful Indian Premier League (IPL) Twenty20 tournament and scheduled to take place from February 25 to April 8 in the eastern Indian state of West Bengal.
The idea of a players` auction was borrowed from the IPL, the success of which has spawned numerous franchise-based leagues in other sports across the country.
Italy`s 2006 World Cup-winning captain Fabio Cannavaro went to Siliguri for US$830,000, while Robert Pires of France (US$800,000), Nigerian Jay-Jay Okocha (US$550,000) and Liverpool great Robbie Fowler (US$530,000) went to Howrah, Durgapur and Kolkata respectively.
Five franchises collectively spent nearly US$7 million, each buying an `icon` player, two overseas footballers and a coach.
In an otherwise cricket-crazy country, the eastern Indian state of West Bengal is equally passionate about football.
Howrah will boast the PLS`s most expensive coach after shelling out US$240,000 for former Portugal central defender Fernando Couto.
Former Nigerian player and Coach Samson Siasia (Durgapur) and Icelander Teitur Thordorson (Barasat) were both sold for US$210,000.
Former Manchester City and Sunderland manager Peter Reid (Kolkata) and Marco Etcheverry (Siliguri), arguably the greatest Bolivian player, went for US$200,000 each.