The Indian Premier League ( IPL ) is going to be an even bigger juggernaut next year, with the eight teams likely spending anywhere between Rs 480 crore and Rs 640 crore on players alone.The IPL Governing Council, in its meeting in New Delhi on Wednesday, has upped the player cap for the next three years. Respective team owners are now allowed to spend up to Rs 80 crore in 2018, compared to Rs 66 crore in 2017.In the subsequent years, they can spend Rs 82 crore (in 2019) and Rs 85 crore (in 2020). However, in case it chooses to retain two players, Rs 21 crore will be deducted (Rs 12.5 crore and Rs 8.5 crore), while for retaining just one player, Rs 12.5 crore will be deducted from the auction purse.Hemant Dua, CEO, GMR Sports, which owns Delhi Daredevils, expressed satisfaction on the IPL Governing Council’s decisions. “We are very happy with the increase in player purse as well as option of RTM. Overall, it is good for the franchises,” Dua told ET.

Source: Economic Times December 06, 2017 10:52 UTC