IPL 4: Players auction to be held on January 8, 9
The IPL player auction for the 2011 season will be held on January 8 and 9 in Mumbai, the league’s governing council has announced. The auction is likely to be on the scale of the first one, held in 2008, with teams starting largely from scratch, and will be held under rules framed in September.
The new rules governing player retention, which have been criticised by the franchises, allow a team to keep up to four players but at a steep price. The first player retained will cost a team $1.8 million against the salary cap of $9 million, regardless of the amount the player is actually paid. The second player will cost $1.3 million, the third $900,000 and the fourth $500,000.
The auction was initially to have been held this month but uncertainty over the composition of the tournament – with two franchises expelled and a third in limbo – forced a postponement.
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