The BCCI has given the new IPL franchises of Lucknow and Ahmedabad till January 22 to submit their quality players before the mega auction in February.
The board finally allowed the two new teams to sign players after eventually giving CVC Capital authorization to own the Ahmedabad franchise. According to a report, they received approval in the form of a letter on Wednesday.
The news came a day after the Governing Council of the Indian Premier League (IPL) met.
"They have until 5 p.m. on January 22 to finalize their signings," BCCI official said.
Because the BCCI has enough time to complete player enrolments for the auction register by the January 22 deadline, the mega auction will take place on February 12 and 13, as planned.
Importantly, both Lucknow and Ahmedabad are limited to three players, with no more than one player from outside India.
According to the general guideline, new teams will lose Rs 33 crore if they recruit three qualified players, Rs 24 crore if they sign two players, and only Rs 14 crore if they sign one player (the allowed fee range for the players is Rs 15 crore, Rs 11 crore, and Rs 7 crore). They would only pay Rs 4 core for an unregistered player, compared to Rs 8 crore for the eight original teams who had the ability to sign a maximum of four players.
New teams, on the other hand, are only allowed to recruit one unregistered player and are allowed to pay more than the minimum sum if they agree to lose that much money from the salary ceiling of Rs.90 crore
The Lucknow squad is set to name KL Rahul as their captain, as previously reported. The franchise is also said to be in talks with a couple of overseas players, namely Kagiso Rabada and Marcus Stoinis.