The Indian Premier League (IPL) is a franchisee based professional cricket tournament in India. It started its journey of cricket in the year of 2008 and since then, 12 incredible seasons of IPL cricket have already taken place. Due to its huge budget, it has made a name for itself as the richest cricket league of the world.
One of the major attractions of IPL cricket is its players' auction. The local and foreign players who are interested in playing the tournament put their names in the players' auction list. Then, the franchisee gets an opportunity to pick their favourite players to their squads from that list. Usually, the IPL auction takes place 2-4 months before the start of the tournament.
The IPL players' auction is no different from regular other auctions. The players are classified into several groups on the list based on their skills and role. There is a base price for the players in each group. Names of each player will be individually called by the auctioneer. The franchisees interested in taking a player into their squad will go for a bid starting from his base price. Franchisee going for the highest bid will get the player into their squad. However, once a bid is made, it cannot be withdrawn by the franchisee.
In the inaugural season of IPL, the auction budget for each team was $5 million which increased up to $9 million in 2011. Later on in 2014, the auction budget was introduced in Indian rupees and it was set to 60 crore Indian rupees for that particular season. However, the IPL governing council increases this budget every year. The most recent players' auction, i.e, auction in 2020 had a budget allocation of 85 crore Indian rupees for each franchisee.
In the previous seasons of IPL, the highest number of players allowed in each squad was as many as 33, and the minimum number was at least 16. However, in 2014 the maximum number of players allowed in each squad was reduced to 27. Currently, the maximum number of players allowed is 25 and the minimum number remains the same. Among them, each squad can include a maximum of 8-9 foreign players.
Each player bought by a franchisee in the IPL auction will have a contract of at least one year with the franchisee. However, the franchisee can extend their contracts for two more years according to their wish.
In each season, the franchisees are allowed to retain a maximum of five players from their previous squad. However, no more than four capped Indian players can be retained by a franchisee. Even if a franchisee wants to set up their squad differently, they can release all the players from their previous squad and buy new ones.
The IPL is a great platform for young cricketers to show their talent, skill, and worth. It has gifted so many talented cricketers in the international arena. That's why, even after completing its 12 years' journey of cricket, the IPL still has a huge fan-base throughout the globe. It is mainly because of the quality of cricket that it has shown in its every season.