IPL GC hikes player salary cap for franchises to Rs 80 crore

IPL GC hikes player salary cap for franchises to Rs 80 crore

IPL GC hikes player salary cap for franchises to Rs 80 crore

Each team has been set a salary cap of INR 80 crore for the 2018 season and the first player retained will cost the franchise 12.5 crores while the subsequent retention will account for 9.5, 7.5, 5.5 and 4 crores respectively. Teams will have to spend a minimum of 75% of the salary cap for each season, the council said.

CSK and RR were banned from the IPL for two seasons in July 2015 following some of their team owners' involvement in corruption.

"What has been decided in the meeting was that the franchises can retain three players and two Right to Match or two retentions and three Right to Match", said one of the members who attended the meeting. STAR India bagged the global rights for a five-year period for Rs 16,347.50 crore. This means decks have been cleared for Mahendra Singh Dhoni's return to CSK.

In October this year, the IPL governing council floated a proposal, stating that CSK and RR can retain players who moved to Rising Pune Supergiant and Gujarat Lions for two years following a draft. Pune and Gujarat will no longer be a part of the cash-rich league as their contracts were just for two seasons.

RTM refers to a franchise's right to match the highest bidder for a player it is interested in.

The governing council of the tournament came to the conclusion that the IPL franchises will be able to retain a maximum of five players through a combination of pre-auction retention and Right To Match (RTM) cards.

Effectively, the governing council enabled Chennai Super Kings (CSK) and Rajasthan Royals - the franchises that will be back from 2018 after serving a two-year suspension - to retain players who were in their squads in IPL 2015. Interestingly, the GC made a decision to let the teams retain a maximum of 3 capped Indian cricketers.

If two players are retained, the salary cap for the first and second player retained will Rs 12.5 crore and Rs 8.5 crore respectively.

When news filtered in on Wednesday on IPL player retention, there was relief and joy in the Chennai Super Kings camp.

The auction reserve prices have also been increased, with a hike of Rs 10 lakh in the prices for uncapped players, which will now begin from Rs 20, 30 or 40 lakh.

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