IPL franchise salary cap to get 20% hike in the upcoming season

The cash-rich Indian Premier League has completed a decade of cricketing action. The upcoming opulent Indian Premier League is expecting some new changes to make the captivating league a tad spicier.

With the IPL Governing Council unable to come to a firm conclusion on the IPL player retention policy earlier, they recently gave a green signal to the franchises stating that each franchise can retain as many as five players to their side.

The Indian Premier League Governing Council has now increased the salary cap by 20% which means there is a hike in every franchise’s salary package. This means that the total 8 sides splash the cash between Rs 464 crore to Rs 618 crore. Not just that, they have also made plans to increase the prize money for the players as well.

So, the process implies that the teams would splash in  close to Rs 78 crores each on player salary package in 2018. In the recently-concluded meeting in Delhi, the IPL Governing Council made a statement that each franchise will have to spend a minimum of 75% of the salary cap each season.

Rajeev Shukla, the Chairman of the IPL, while talking to AFP said, “Whatever changes we have come up with are all in the interest of the players. We are also looking to increase the prize money for the players in future.”