IPL player auction scheduled for January
The IPL Governing Council has announced next seasonís player auction will be held at the start of January in Mumbai despite the fate of troubled franchise, Kochi undecided.
Board of Control for Cricket in India (BCCI) Vice President Rajiv Shukla announced the auction would take place on Saturday, January 8th and Sunday, January 9th 2011.
"Today's meeting was held to discuss about the preparations for IPL-4. Players will be auctioned on January 8 and 9 in Mumbai," said Shukla.
Each franchise will be allowed to spend $9 million at the auction; but this total will be reduced depending on the number of players each team decides to retain.
All though each team will be starting from scratch they will be able to retain up to 4 of their previously contracted players but this will see them lose $4.5 million from their cap leaving them with just $4.5 million for the auction leaving them at a disadvantage.
As well as revealing the date of the auction the Governing Council announced a new format for the knock out stages of next years Indian Premier League which gets under way on Friday, April 8th 2011.
The top two teams from the Group Stages will meet in the first semi final; the winner will advance to the final while the loser will face the winner of the second semi final between the 3rd and 4th place teams in a preliminary final which will see the winner progress to the final.
Although media reports suggested the Governing Council would discuss the future of the Kochi franchise Shukla said the board will wait until November 27th before sealing the teams fate.