Indian Premier League (IPL) salaries are set to rise again, this time by 20 per cent.
Already one of the world’s richest sports competitions, new IPL rules will let teams splurge up to $12 million each on player salaries in 2018.
After a meeting in New Delhi on Wednesday, the IPL governing council also said teams will have to spend a minimum of 75 percent of the salary cap; actually forcing the team to spend anywhere between $72 million and $96 million on players alone for just eight weeks of cricketing action in 2018.
‘Whatever changes we have come up with are all in the interest of the players,’ IPL chairperson Rajeev Shukla told AFP. ‘We are also looking to increase the prize money for the players in future.’
To put that into perspective, the top picks in the aborted Global T20 League, were set to pick up R1.75 million (about $135,000).
Franchises will be permitted to have a maximum of 25 players (earlier 27) with a maximum of eight overseas players (earlier nine) in the squad. Each team, however, must have a minimum of 18 players in its roster.
The attractions of last-ball winning sixes, extravagant switch-hitting and rapid-fire centuries have made IPL a favourite of the masses, especially the younger generation.
The IPL’s 60 games are valued at roughly $8.5 million each, not far off the estimated $9.6 million per English Premier League match – and well over the $6.2 million price tag attached to home internationals in India.