Since its inception in 2008, the Indian Premier League (IPL) has grown to become one of the most loved and definitely the most entertaining T20 franchise tournament in the world. They have gradually and steadily grown, recently even expanding the league from 8 to 10 participating teams. And something which has grown over the years along with the tournament is the annual IPL Auction!
Who said that the fun should be had only on the field?! Events like the IPL Auction have increased social media engagement and fan popularity of teams and players over the years. And since we’re talking about the auction, we’re going to explain to you the concept of an IPL Team’s Purse going into an IPL Auction each year, and into an IPL Mega Auction every three years.
What is an IPL team’s purse?
Ahead of an IPL Auction or any IPL Mega Auction, there are plenty of rules for franchise teams including the number of players they can retain each season, the minimum and maximum number of players they can have in their squad list, the amount they can spend in an auction, and much more. And the concept of PURSE is related to the spend that each team is allowed each year.
Currently, every team is allowed a total purse of ₹90 Crore to spend on their total squad (Ahead of IPL 2022) but this number could be changed for future editions of the tournament. While a team can spend less, they cannot exceed this budget allotted to them, and this includes both the amounts spent in player retention before the auction, as well as the players purchased at the auction itself.
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Hence, franchise teams have to allocate certain budgets and a maximum amount they can spend for any players on their wishlist. This helps strategise and build a squad, while also adding the added excitement to the whole idea of team building. This is why you will often hear people and experts talking about teams’ remaining purse ahead of an auction. See the remaining purse of teams ahead of IPL 2022 here.
Why the need of a purse?
Apart from the above mentioned point of team building dynamics, having a fixed purse/budget going into an IPL Auction also ensures that no team with richer team owners can go on to create the strongest squad for any season. It helps creating a sense of equality, so that all the best players don’t end up going to represent a single franchise.
It also helps grow new and local talent in the country. If all the teams only started focussing on the big wigs, no one would end up eyeing the newbies and potential future players. Here, team analysts and scouts play an important role as they search for players who may be lesser known but have a bright future ahead of them. Plus, there’s the added benefit of being able to afford them at dirt cheap prices.
IPL team purse dynamics
As per the current rules, there’s a minimum amount that teams have to pay for player retentions. If the team retains four players, they’ve to pay ₹16 Crore for the first, ₹12 Crore for the second, ₹8 Crore for the third, and ₹6 Crore for the fourth player. In case of retaining only three players, the price slabs are different – ₹15 Crore, ₹11 Crore and ₹7 Crore. In case of two, the slabs are ₹14 and ₹10 Crore, while a single retention costs ₹14 Crore!
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