IPL 7: Changes in auction rules, joker card introduced, up to five players can be "retained"

Mumbai Indians are one of the teams that have been in favour of the retention system

The Indian Premier League (IPL) governing council (GC) has finally come to a conclusion regarding the changes that are expected in the 2014 IPL Auctions.

So, here is what you can expect:

• The franchises will be allotted a budget of Rs 60 crore.

• Teams can retain up to five players.

• If a team retains all the five players, it will have to shell out Rs 39 crore out of the total purse of Rs 60 crore.

• A team can also get back one of its players, either an Indian uncapped player or a foreigner, in the auction through the newly introduced joker’s card.

• The joker’s card is an option that gives a team, the first right of refusal. The team can make use of it and buy back a player in the auction, once it is complete, by matching the bid that has been placed on him.

• If a team retains three to five players, it will be given one joker’s card. However, if a team holds back only one or two players, it can have two joker’s cards. In case of a team not retaining any of its players, it will be given three joker’s cards, according to Times of India.

• If a franchise exercises its ‘right to match’ option by using any of its joker cards, then no further bidding is possible which results in the player’s new owners losing out on their buy to his parent franchise.

• The salary paid to the player(s) retained through a joker’s card will be deducted from the team’s purse of 60 crore.

• When it comes to retention, a team retaining five cricketers should make sure at least one Indian or foreign cricketer makes the list. It could either be four Indian players and one foreigner or four foreigners and one Indian player.