New franchises will have a budget of 33 cr to choose 3 players from the pool before the auction
The two new Indian Premier League (IPL) franchises were given a budget of Rs. 33 crore to choose three players before entering the mega auction. On October 25, the Cricket Control Board of India (BCCI) announced the addition of two new teams – Lucknow and Ahmedabad – to the IPL, making the lucrative T20 competition a 10-team affair. According to the ANI news agency, BCCI sent a letter to all franchises on Saturday, where they forwarded the rule change, confirming that the two new teams will be allowed to choose three players before the next auction in order to make the game equal field.
New franchises were asked to choose a maximum of two Indian players, capped or uncapped, and no more than one foreign player. Meanwhile, the remaining eight franchises have been allowed to retain four players ahead of the mega auction. In the case of four retentions for the eight existing teams, it could be either three Indians and one foreign player, or a maximum of two Indians and as many foreigners.
IPL salary scholarship set at Rs. 90 crores
The BCCI also confirmed the increase in the salary exchange for all franchises to Rs. 5 crores. During IPL 2021, each team received a salary purse of Rs. 85 crore to buy players at auction. According to ANI, the salary scholarship was set at Rs. 90 crore for IPL 2022. The last time the franchise salary scholarship was increased was in 2018, when the previous mega-auction took place. According to the letter, the eight existing franchises have been asked to choose their retentions by November 30, and then the two new teams will have the option to select their three players between December 1 and December 25.
RPSG Ventures Ltd., owned by Sanjiv Goenka, made a successful bid for Rs. 7,090 crore to buy the Lucknow franchise at auction the other night. Irelia Company Pte Ltd. (CVC Capital Partners) has offered Rs. 5,625 crore to own the Ahmedabad franchise. The two new teams will make their debut at IPL 2022.