Singapore: The Governing Council of the Indian Premier League has proposed a salary cap of Rs.60 crore for the seventh season of the cash-rich league, according to a report in Mumbai Mirror on Saturday.
At the franchise workshop, which got underway in Singapore on Friday, the council met to discuss details ahead of next year’s fresh auction that will take place since the existing three-year contracts for players expired at the end of the last season.
Each franchise can retain five players, although it is not known what the ratio of foreign and Indian players will be.
The council has also proposed a five percent increase in the salary cap every year to give franchises an idea of their expenditure on players each season. The next auction will be held in Indian rupees and even foreign players will be paid in Indian currency.
It has also been decided that players will be eligible for extra payment if their franchise qualifies for the Champions League Twenty20.
Since 2014 is the year of General Election in India, there have been stray rumours of the IPL-7 being moved out of the country to a foreign location, like it was in 2009. But the franchises were assured that every effort would be made to hold the tournament in India in April-May.