IPL Auction 2022: What is the deadline for new IPL franchises to announce their first 3 signings?

The Board of Control for Cricket in India (BCCI) has authorized the two new franchises to sign their first three players for IPL 2022. The decision came after Tuesday's (11 January) Governing Council meeting.

As per the report in Cricbuzz, the final deadline for new franchises to announce their first three signings is January 22. The green signal was given after the governing council gave CVC Capital, the owner of the Ahmedabad franchise, a letter of intent to initiate building the team.

"They have time till 5 pm on January 22 to complete their signings," Cricbuzz quoted a BCCI official confirming the letter to the owners of Lucknow and Ahmedabad franchise.

The BCCI understands that a 10-day window would be enough for the two new teams to sign three players each. It is understood that they have already done their homework in the period used to complete the due diligence of CVC Capital.

The mega auction will also go ahead as per the original schedule on February 12 and 13 in Bengaluru.

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New IPL teams to use INR 33 crores for their new signings

As per the directives mailed to the new teams on January 12 (Wednesday), the fee slab for the capped players will be Rs 15 crore, Rs 11 crore and Rs 7 crore. On the other hand, if they sign two players it will be Rs 14 crore and Rs 10 crore and only Rs 14 crore for one player.

If they want to sign an uncapped player, the franchise will have to shell INR 4 crore, just as the existing eight teams did. However, they are allowed to pay more than the stipulated fee on the condition that they would lose that much money from the salary purse of Rs 90 crore.

Meanwhile, the two new teams cannot sign more than one uncapped player each.