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Last Updated Saturday March 24 2018 05:14 PM IST

IPL mega auction on January 27 and 28

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IPL mega auction on Jan 27 and 28 Mumbai Indians players celebrate the dismissal of KKR skipper Gautam Gambhir during a 2017 IPL Match in Kolkata. PTI

The Indian Premier League (IPL) auction for 2018 will be held in Bengaluru on January 27 and 28. The mega auction will coincide with the final two days of India's third Test against South Africa in Johannesburg.

All eight franchises have been asked to submit their final list of retained players by January 4. The pool of players, who will be up for auction, is likely to finalized by January 18.

Franchises can retain a maximum of five of their existing players through a combination of player retention before the auction and the use of right-to-match cards during the auction.

The IPL has set a salary cap of Rs 80 crore for every team, and franchises will need to spend a minimum 75 per cent of the purse.

Of the five players, a franchise can retain a maximum of three through retention in the lead up to the auction, and a maximum of three through right-to-match cards during the auction. If a franchise does not retain any player before the auction, it can still retain only three using right-to-match cards. A right-to-match card gives the franchise the ability to buy back its player during the auction by matching the highest bid made for the player by another franchise, once the bidding is over.

Only three capped Indian players and only two overseas players can be retained.

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The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

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