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Seven franchises pump in Rs 2.05 bn to retain 24 players

MUMBAI: Seven Indian Premier League (IPL) franchises have collectively spent Rs 205.5 crore ( Rs 2.05 billion) from their player salary cap to retain 24 players, including 14 Indian players (of which three are uncapped), ahead of next month’s crucial player auction. Delhi Daredevils was the only franchise that did not retain any player.

This means that the franchises now have Rs 274.5 crore ( Rs 2.74 billion) to spend during the player’s auction to be held on 12 and 13 February at the ITC Gardenia Hotel, Bengaluru. The IPL has fixed the players salary cap at Rs 60 crore ( Rs 600 million) per franchise.

Chennai Super Kings and Mumbai Indians have exhausted Rs 39 crore ( Rs 390 million) of their total salary cap to retain their full quota of five players. All five players retained by the two franchises are capped.

Under the IPL retention rules, each franchise can retain up to five players before the player’s auction. The franchises have to pay Rs 12.5 crore ( Rs 125 million), Rs 9.5 crore ( Rs 95 million), Rs 7.5 crore ( Rs 75 million), Rs 5.5 crore ( Rs 55 million) and Rs 4 crore ( Rs 40 million) for the first, second, third, fourth and fifth capped players so retained respectively. For each uncapped player, the franchises have to fork out Rs 4 crore ( Rs 40 million).

Defending IPL champion Mumbai Indians has retained Rohit Sharma, Lasith Malinga, Kieron Pollard, Harbhajan Singh and Ambati Rayudu as per the IPL’s new retention rules for the 2014 season, while two-time IPL champion Chennai Super Kings has retained MS Dhoni, R Ashwin, Suresh Raina, Ravindra Jadeja and Dwayne Bravo.

Rajasthan Royals, on the other hand, has retained Shane Watson, Ajinkya Rahane, James Faulkner, Stuart Binny and Sanju Samson. Of the five players, Stuart Binny and Sanju Samson are uncapped players. This means that Rajasthan Royals has spent Rs 37.5 crore ( Rs 375 million) of the Rs 60 crore ( Rs 600 million) that it had at its disposal.

The three franchises will now have to contend with only one ‘rights to match’ opportunity available to them as they have utilised their full quota of player retention. The number of rights to match available to a franchise depends on the number of players that the franchise retains.

Mumbai Indians owner Nita Ambani said, “The formidable combination of these five players—Rohit, Pollard, Malinga, Bhajji and Rayudu—forms the nucleus of Mumbai Indians. They have exemplified the spirit of Mumbai Indians and are match-winners in their own right. With the retention of the core players, Mumbai Indians look forward to building a stronger, well-knit team and share the joy of an enthralling and entertaining performance with its ever-growing fans in the coming season.”

Rajasthan Royals CEO Raghu Iyer stated, “As a team, we have been very fortunate to have a number of truly talented cricketers who have come forward to perform at a time when it mattered the most. The five retained players are true match-winners, an impressive blend of young talent and experience. They have demonstrated resilience, commitment and a great attitude, embodying the spirit of the Rajasthan Royals team. We are confident that under the continued mentorship of the legendary Rahul Dravid, the Rajasthan Royals will be a very strong contender in IPL 2014.”

Kolkata Knight Riders (KKR), Kings XI Punjab (KXIP) and Sunrisers Hyderabad have retained two players each, with KKR and Sunrisers Hyderabad both retaining two capped players and KXIP retaining one capped and one uncapped player.

KKR has retained Gautam Gambhir and Sunil Narine. KXIP has held back David Miller and uncapped Manan Vohra in their squad while the Sunrisers will continue with Shikhar Dhawan and Dale Steyn in their squad.

KKR and Sunrisers Hyderabad have exhausted Rs 22 crore ( Rs 220 million), meaning that they have Rs 38 crore ( Rs 380 million) left in their purse going into the auction. KXIP has exhausted Rs 16.5 crore ( Rs 165 million) of the Rs 60 crore to retain the two players.

Speaking on the choices, KKR CEO Venky Mysore said, “We are delighted that we have managed to retain two of our key players. We hope to build a competitive and exciting squad. The challenges of salary cap deductions and the retention rules did not allow us to retain more of our original team, who made us proud over the past three years.”

Royal Challengers Bangalore (RCB) expended Rs 29.5 crore ( Rs 295 million) to retain AB De Villiers, Chris Gayle and Virat Kohli. It has Rs 30.5 crore ( Rs 305 million) left to fill the remaining squad.

While KKR, KXIP, and Sunrisers Hyderabad each will have two rights-to-match chances in the player auction, RCB will have only one rights-to-match chance left with them.

No. of players retained

Salary Cap left (crore)

No. of RTM

Chennai Super Kings

5

21

1*

Delhi Daredevils

0

60

3

Kings XI Punjab

2

43.5

2

Kolkata Knight Riders

2

38

2

Mumbai Indians

5

21

1

Rajasthan Royals

5

22.5

1

Royal Challengers Bangalore

3

30.5

1

Sunrisers Hyderabad

2

38

2

* RTM may not be used for a capped Indian player.

IPL chairman Ranjib Biswal commented, “The regulations were drafted taking into account franchise, player and fan feedback. Continuity of the core players in the teams is very important and the retention of these twenty-four players, coupled with the ‘rights to match’ (RTM) to be used in the auction, is a good sign. I am very pleased to see three uncapped Indian players in the list of players retained. The IPL is a great platform for young talent.”

An IPL squad should have at least 16 players but not more than 27. Only nine foreign players can be present in a team, with no minimum quota for catchment area players. With the player retention window closed, there is an embargo on franchises approaching any players who were in another franchise’s 2013 squad until 11 January.