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    IPL auction on February 12, salary cap for franchises Rs 60 cr

    New Delhi: The Governing Council of the Indian Premier League (IPL) on Tuesday announced the revised player/auction regulations for the 2014 to 2016 season, with eight franchises ready to rebuild their squads through fresh bidding - other than a maximum of five players they will be allowed to retain from the previous squad.

    The revised regulations for the auction, which will be held on February 12 next year and if needed on February 13 as well, put a salary cap of Rs 60 crore for each franchise for the 2014 season, which will increase by 5 per cent annually for the subsequent two seasons.

    The franchises will have to spend a minimum of Rs 36 crore in each of the three seasons. However, if the franchises 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.

    One of the other change is the squad strength that has now been set at 27 players, with a maximum of nine overseas players in each squad. Also, the auction will be held in Indian rupees with the overseas players to be paid in the currency of choice based on the foreign exchange rates prevailing at the time.

    Here are some of the key regulations of the auction:

    * Each squad must include no less than 16 and no more than 27 players, of which up to 9 may be overseas players.

    * IPL league fee for all players to be denominated in Indian rupees. Overseas players to be paid in the currency of their choice at the prevailing exchange rate on either the actual date of payment or contract due date, whichever is beneficial to the player.

    * IPL league fee to exclude payment for playing in CLT20 but to include up to 6 approved friendly matches. The additional fee for playing in CLT20 to be an amount equal to 10 per cent of the IPL league fee.

    * Salary Cap for the IPL league fees of the entire squad to be Rs. 60 crore for 2014, increasing by 5 per cent annually for 2015 and 2016.

    * Minimum squad spend of Rs. 36 crore in each of the 2014, 2015 & 2016 seasons.

    * In advance of the 2014 Player Auction, 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.

    For complete regulations, refer to the PDF embedded below: