IPL player auction in January

Mumbai - The Indian Premier League player auction for the fourth season will be held on January 8-9 in Mumbai.

The auction was planned for November but it was pushed back amid uncertainty over new franchise Team Kochi, which has a deadline of Nov. 27 to prove to the Board of Control for Cricket in India it has resolved internal issues.

The BCCI did not make any further comment about Team Kochi, whose investors are reportedly considering withdrawing, but it did reiterate that eight teams will participate in the new season, which will be played April 8 to May 22 and consist of 60 matches.

The opening ceremony is scheduled for April 7.

If Kochi withdraws, the BCCI will have to begin an auction process for a replacement franchise.

The BCCI has already dropped Punjab Kings XI and Rajasthan Royals because of financial irregularities. Team Sahara and Team Kochi replaced them.

New player auction rules have been introduced for the new season. Franchises can retain four players from their teams but at a cost. Each team will pay $1.8 million for the first player, $1.3 million for the second, $900 000 for the third, and $500 000 for the fourth.

The salary cap for each team is $9 million.