IPL franchises allowed to retain up to five players

IPL franchises will be allowed to retain up to five players ahead of the 2014 auction, and have the option of buying back additional members of their squads at the auction via "right to match" cards, according to the rules released on Tuesday. The auction will be on February 12, and carried into February 13 if required, at a venue yet to be decided.

The right to match essentially gives a franchise the first right of refusal to its players, allowing it to buy its player back after other franchises have completed the bidding process for him. For example, if Mumbai Indians have already retained five players but want Player X, they merely have to wait till the bidding in the open auction for Player X is over and match the highest bid offered for him.

The number of right to match cards available to each franchise will depend on the number of players already retained. A franchise retaining between three and five players will have one right to match card, while a franchise retaining up to two players will have two right to match cards; those not retaining any player will have three cards to play.

In all, combining players retained before the auction and those for whom the right to match is exercised, a franchise cannot retain more than four capped India players.

The salary cap for franchises is set at Rs 600 million (approx US$ 9.6 million at the current exchange rate) for 2014. All players, including uncapped Indians, will go into the auction. Indians will be paid in rupees starting from the 2014 season, while overseas players have the option of choosing the currency in which they are paid. Players will be paid an additional 10% of their IPL fee, if they play in the Champions League T20 for their franchise.