IPL increase in salary purse for teams, bid for new franchises on cards for BCCI
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The BCCI has finalized the planning for the Indian Premier League (IPL). Two new franchises, player retention, a mega auction, salary increases, and a new media rights tender are among the plans set to be implemented between August 2021 and January 2022.
The BCCI has finally decided to add two new franchises to the league. A tender document will be released in mid-August, and after the necessary checks, bids will be opened in mid-October, to coincide with the final of IPL-Phase 2 in the UAE.
Many business groups are learnt to be showing interest. Likewise, there are some other corporate entities and some private equity and investment advisory firms who are busy studying this space closely right now.
The BCCI is set to increase the salary purse from Rs 85 crore to Rs 90 crore, that will mean adding Rs 50 crore to the total salary pool (among 10 franchises). Franchises must mandatorily spend 75% of the allotted purse. Over the next three years, the purse will increase from Rs 90 crore to Rs 95 and eventually Rs 100 crore ahead of the 2024 season.
Ahead of the IPL 2022, a mega auction will take place. The board is planning on holding the mega auction by December 2021, according to a report carried by Times of India.
Player retention has also been finalised. Each franchise will be allowed to retain four players, but with the following conditions – they can either retain three Indians and one overseas player or two Indians and two overseas players.
