The much-awaited Indian Premier League [ Images ] players' auction will be held at Bangalore on January 8 and 9 and will see over 400 players going under the hammer, it was learnt on Monday.
"The auction is to be held in Bangalore and a total of 416 players would go under the auctioner's hammer," IPL sources said.
Under the IPL Player Regulations, each of the founding franchises could retain up to four players (out of which only three could be Indian) in advance of the player auction against fixed deductions from the $9 million salary cap.
By retaining four players, MI and CSK are each left with only $4.5m to spend either in the auction or in buying Ranji players outside the auction.
Delhi Daredevils [ Images ] retained swashbuckling opener Virender Sehwag [ Images ], while Virat Kohli [ Images ] was retained by Royal Challengers [ Images ] Bangalore. Rajasthan Royals [ Images ] decided to keep their two Australian stars Shane Warne [ Images ] and Shane Watson [ Images ]. Rajasthan Royals will have $5.9 mn available to spend while Delhi Daredevils and Royal Challengers Bangalore will each have a balance of $7.2mn available. The remaining franchises have the full $9mn available to spend.
This is the second time in four years that the T20 franchise-based League's players' auction is being held outside Mumbai where the inaugural one took place in 2008.
Goa [ Images ] was the venue of the second players' auction in February 2009.