All eight Indian Premier League (IPL) franchises will get together on January 27 and 28 in Bangalore for 2018 IPL mega-auction, the Press Trust of India reported on Tuesday (December 19).
Some of the franchises were interested in seeing how the domestic players fared in the Syed Mushtaq Ali Trophy (India's domestic Twenty20 competition), which ends on January 28, ahead of the auction.
This is a much-awaited auction considering each franchise can retain maximum 5 players in their team through a combination of pre-auction retention and Right To Match (RTM) cards.
As per ESPNCricinfo, teams have until January 4 to submit their retention lists while the BCCI itself will make public their full list of to-be-auctioned players on January 18.
Franchises sitting for auction will have an auction purse of INR 80 crores. They can have a squad of maximum of 25 members only.
Each team will have to spend at least 75 percent of the salary cap (INR 60 crore) by the end of the two-day procedure. Retained players will have a more dynamic effect on the team's salary purse depending on the number of players retained by the franchise.
Chennai Super Kings (CSK) and Rajasthan Royals (RR) are also back after serving a 2-year ban. CSK was in support of retention policy for this season as they wanted MS Dhoni back in their side.
What is Right To Match (RTM) card?
Right to match (RTM) is an option available to a team to retain a player by bidding the exact amount at which he gets sold at the new auction.
For example: Suppose Rohit Sharma is bought for Rs 2 crore by RCB, MI can exercise the Right to Match, using which they can match the amount of Rs 2 crore and retain Rohit in their squad. Bangalore will not get Rohit in the team, in such a scenario, in spite of the highest bid.