IPL salary cap fixed at a whopping Rs 60 crore: report

The franchise workshop for the seventh season of the Indian Premier League (IPL) got underway in Singapore on Friday, and according to Mumbai Mirror the Governing Council of the IPL has proposed a salary cap of Rs 60 crore for the IPL 7 auction.

A fresh auction is due before the cash-heavy league's seventh season as the players are contracted for a three-year period, which ended after the last season. However, a franchise can retain five players, though the ratio of foreigners and Indians is not known.

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Besides the Rs 60 crore cap, the council also reportedly proposed a five percent increase every year to allow the franchises a fair idea of their expenditure on players each season. Also noteworthy is that the auction will be held in Indian rupees and even the foreign players will be paid their fee in the Indian currency.

It has reportedly also been decided that if a team qualifies for the Champions League Twenty20, it will make the players eligible for extra payment.

There have been reports of IPL 7 moving to an overseas location due to the General Elections in India. Franchises were told that it will happen in April-May and efforts will be made to hold it in India, but it will only be clear after the election dates are announced.