January date set for auction

The auction has been postponed to accomodate the outcome of the deadline given to Kochi to complete their credentials or make way for another team.

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

The auction was planned to be held this month, but it was pushed back amid uncertainty over new franchise Team Kochi, which has a deadline of November 27 to prove to the Board of Control for Cricket in India (BCCI) that 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 from April 8 to May 22 and consist of 60 matches.

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

The new auction rules governing player retention, which have been criticised by the franchises, will allow a team to keep up to four players but at a steep price to their budget.

The first player retained will cost a team $1.8 million (Dh6.6m) against the salary cap of $9m, regardless of the amount the player is actually paid by the team.

The second player will cost $1.3m, the third $900,000 and the fourth $500,000.

* Agence France-Presse