The two-day Players' Auction will kicked off at 1100 IST on January 8, 2011, with the Indian players expected to make a windfall.
There were five sessions during the day with short strategy breaks at intervals during the auction process to allow the ten franchises to review their auction tactics.
Salary Cap: Each franchise had a total sum of US $9 Million available to spend on player fees, both for auction players and uncapped Indian players.
This had been reduced for five of the franchises, who had retained players in advance of the auction.
Player contract period: The IPL player contract is for seasons 2011 and 2012 with the franchises having the option to renew a player's contract for the 2013 season on the same terms and conditions.
IPL squad rules: The franchises are entitled to register up to an aggregate of 10 overseas players in each season. As has been the case in the last three seasons, a maximum of four overseas players can play in the Playing 11.
Each franchise is also required to register at least four local players in it's squad.
The playing squads for each franchise will be a minimum of 16 players and a maximum of 30 players during the season.
The auction will be a private auction and will be conducted by Richard Madley. Each player will be presented individually for auction.
The bidding will commence at the reserve price for that player contained the in player register.
The maker of the highest bid for each player will secure the player at that price.
The price will bid will be the player's fee for each IPL season, including the Champions League T20 tournament if the team qualifies.
The franchises cannot make bids which would take them beyond the remaining balance of their salary cap.
The players will be grouped into sets with the marquee players being auctioned first.
A random draw will take place to determine the order in which players are auctioned within set.
Any player who is not bid for when presented for auction may be re-presented at the discretion of IPL once the initial sets have been concluded.
This procedure may be varied by IPL when the auction reaches the stage at which the number of franchises with resources left to bid has significantly reduced.
There were five sessions during the day with short strategy breaks at intervals during the auction process to allow the ten franchises to review their auction tactics.
This had been reduced for five of the franchises, who had retained players in advance of the auction.
Each franchise is also required to register at least four local players in it's squad.
The bidding will commence at the reserve price for that player contained the in player register.
The maker of the highest bid for each player will secure the player at that price.
The price will bid will be the player's fee for each IPL season, including the Champions League T20 tournament if the team qualifies.
The franchises cannot make bids which would take them beyond the remaining balance of their salary cap.
The players will be grouped into sets with the marquee players being auctioned first.
A random draw will take place to determine the order in which players are auctioned within set.
Any player who is not bid for when presented for auction may be re-presented at the discretion of IPL once the initial sets have been concluded.
This procedure may be varied by IPL when the auction reaches the stage at which the number of franchises with resources left to bid has significantly reduced.
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