Chennai: The nine franchises of Indian Premier League (IPL) will go into the auction for next edition of Indian Premier League with a purse of USD 2 million, as per the decision taken by the Governing Council at a meeting held in Chennai on Saturday.
According to the information received, the auctions for the fifth edition is scheduled tentatively on February 4.
"The USD 2 million purse has nothing to do with salary cap of USD 9 million that was there for auction held last year. It's a fresh purse and franchises will have to buy players within that amount. Obviously, there will be a chance to release players and bid for new players," a BCCI official told PTI on Saturday.