Mumbai:The cap of $5 million on buying of players by each of the eight Indian Premier League (IPL) franchise teams might see an upward revision in the near future, IPL Chairman and Commissioner Lalit Modi said on Tuesday.
The IPL Governing Council will hold a three-day meeting in Goa from October 16-18 at which the cap on the players will come up for review, he said.
He said January 29, 2009 has been tentatively fixed as the date for the next auction of the players.
Modi also said the IPL has already kept open a month-long period as the players' transfer window from one franchise to another.
"The players' transfer window will be between December 15 (2008) and January 15 (2009)," he said.
The IPL Commissioner also announced that the champions of the first edition of the multi-million dollar T20 league, Rajasthan Royals, have the right to decide on the venue for the summit clash of the 2009 edition.
Likewise the runners-up of the 2008 IPL, Chennai Super Kings, can decide about the venues of the two semi finals, he said, while giving details about revenue sharing from these matches.
Owners of the Mumbai franchise (Mumbai Indians) had the right to organise the semi finals and the final of the inaugural edition held between April 18 and June 1 this year and chose Mumbai as the venue for all three ties.