IPL salary cap fixed at Rs 60 crore: Reports
IPL teams can retain up to five players. Fresh auctions will be held before the 2014 tournament.
The Governing Council of the Indian Premier League (IPL) has put forth a salary cap in Indian currency for the upcoming player auctions ahead of the seventh season in 2014. According to reports, Rs 60 crores has been proposed as the salary cap for franchises. In 2013, teams could spend up to 12.5 million dollars (roughly Rs 78 crores as per current exchange rate).
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For the first time in the tournament, all auction transactions will be dealt in Indian rupee as opposed to US dollars. It means foreign stars will have to receive their salary in Indian money. The council also proposed that there would be an increase of five per cent in the salary cap every year.
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According to reports, teams can retain five players from their current roster before all of them go under the hammer in 2014. The council, however, is yet to decide the number of domestic and foreign players that can constitute the five retained players.
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Despite chances of clashing with general elections, the council is confident of conducting the tournament during April-May and efforts are being made to ensure that most of the matches are played in India.