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IPL auction on February 12

New Delhi, Dec 25 (): The auction for the 2014 Indian Premier League (IPL) will be held on February 12. This announcement was made by the Board of Control for Cricket in India (BCCI) here on Tuesday.

The auction will be held on February 12 next year and if needed on February 13 as well, BCCI said in a release. The venue of the auction will be announced soon, the release added. After a series of discussions, the IPL Governing Council on Tuesday also has come up with a few regulations related to Players’ Contracts, Squad Compositions and the Retention of Players in advance for the 2014 auction.

As per the regulations laid down by the IPL Governing Council, the teams can recall up to five players and cannot have more than 27 players in the squad, of which nine may be overseas players. They need to have at least 16 players to form the squad.

The franchises will have to spend a minimum of Rs 36 crore in each of the three seasons. However, if the franchise chooses to retain the maximum limit of five players, it will be left with only Rs 21 crore to build the rest of the squad.

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.

The new regulations say 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.