The enhanced cap for auctioning would be for three years from IPL season-IV beginning next year, the IPL commissioner said.
It is not just the IPL which is getting richer. The bank balance of the players is also soon going to swell. The Indian Premier League (IPL) has decided to increase the cap on players’ spend.
IPL chairman Lalit Modi revealed on Tuesday that from next year, each team will be allowed a purse of $7 million to buy players. It is an increase of $2 million from 2008 when the franchisees were allowed to spend not more than $5 million.
Modi’s response comes moments after Sahara supremo Subroto Roy, the owner of the costliest team, said the players deserve to get more.
“This would mean $70 million for the 10 teams every year and $210 million (about Rs 1,000 crore) in three years... this will be the single largest auction in sporting world... you see even in art auctions the bids are for a few millions and that too for total ownership,” Modi said.
“In IPL, the amount that the teams would spend on players would be huge for having the contract for just three years.”
Currently, Kevin Pietersen and Andrew Flintoff hold the biggest contracts. However, in the next auction, a different set of players could be in big demand. Independent brand valuation consultancy Brand Finance has said the IPL’s brand value has more than doubled to $4.13 billion this year, reflecting the format’s success.
Modi said the three-year lock-in period would continue even in the next round of bidding and should a player or team desire for a change there are “separate trading windows for the purpose.”
The player auction will be held sometime in September this year.
All the capped international players, barring a few, will be available for purchase. As per the IPL rule, the existing teams could be allowed to retain some players. The exact number of players that can be retained is not yet known. “We’ve not decided on this. Everything will be clear after the IPL. The Governing Council will decide on these matters,” an IPL official said.
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