IPL franchises will be allowed to retain five cricketers during the 2014 Indian Premier League auction to be held on February 12 with the option of buying back a limited number of players through the newly introduced 'right to match' provision.
After a series of discussions, the IPL Governing Council on Tuesday came up with a number of regulations related to Players' Contracts, Squad Compositions and the Retention of Players in advance for the 2014 Auction.
"The Pepsi IPL 2014 Player Auction will be held on 12 February, and if necessary, 13 February 2014. The venue of the auction will be announced soon," BCCI said in a release.
"A franchise may sign up to a maximum of 5 players (either capped or uncapped, no more than four of whom may be capped Indians) who were in its squad in 2013, including those who were unavailable during the season and those who were taken as temporary replacements."
Regarding the Salary cap, the Governing Council said the franchises will be charged Rs 12.5 crore, Rs 9.5 crore, Rs 7.5 crore, Rs 5.5 crore and Rs 4 crore for respectively the first, second, third, fourth and fifth capped players retained and it would be "irrespective of the IPL league fee that is agreed between the two parties and which is set out in the player contract."
Apart from the cricketers who are retained in advance, all other players will have to enter the 2014 player auction process if they want to play in the IPL in 2014, the release said.
According to the new regulations, the format of the 2014 Player Auction will be broadly similar to last year but each franchise will have a number of 'rights to match' which it may exercise during the course of the auction for those players who were in its squad in 2013.
"The number of 'rights to match' available to a franchise will depend on the number of players that the franchise retained in advance," the release said.
If the number of players retained by a franchise prior to the auction is five, four or three then the number of 'rights to match'