Franchises to have $2 million cap for next auction on Feb 4

The nine franchises of Indian Premier League (IPL) will go into the auction for next edition of Indian Premier League with a purse of $2 million, as per the decision taken by the Governing Council at a meeting held in Chennai.

According to the information received, the auctions for the fifth edition is scheduled tentatively on February 4.

"The $2 million purse has nothing to do with salary cap of $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 said.

The Governing Council has also increased the number of players in each team from 30 to 33. The number of foreign players in each team will be 11 instead of 10 while two more Indian players can be added to each team's roster.

The matches will be played on home and away basis with each of the nine teams playing 16 matches at the league stage.

The play-off format remains the same with last year's finalists -- Chennai and Bangalore will also host the play-offs for the next edition.