Here’s How IPL Contracts Actually Work After The Players Have Been Auctioned To Teams
In the recent auctions, we saw how certain IPL teams didn’t hesitate to break the bank for the players they wanted in their team. While audiences are taken aback looking at contracts worth crores being handed out to these cricketers, it becomes important for us to understand how these contracts work.
IPL presents different types of lists from which players are to be bought from (ex- all rounders,bowlers,wicket keepers,uncapped players,under-22 pool). Each player is alloted a base price from which the auction starts.
When a player is bought by a franchise there are two types of contracts from which one can be signed. One is the firm agreement where a fixed amount as negotiated will be paid by BCCI and remaining amount left out from auction amount will go to BCCI. Other one is the basic agreement where player can take all the auction amount as salary.
Under-22 players are to be paid a minimum amount of $22,000. For others the minimum amount to be paid is $50,000.
But BCCI arbitrarily capped payments to U-19,Ranji players to some amounts to prevent them getting cash corrupted.
Also minimum of $3.3mn should be annually spent by teams for salaries of players.
As per IPL rules, each player has to sign a contract with BCCI. The IPL has two type of contracts – under first, called the firm agreement, the player will get a fixed sum from BCCI and the difference between the bid amount and the fixed fee will be earned by BCCI.
On the other hand the second, called the basic agreement, gives a player freedom to take home the amount he has been bid for. The average amount of money each player will take home is whopping Rs 80 lakhs.
IPL also makes it mandatory for a franchise to spend at least $3.3 million annually for player fees and give $100 as per day per player daily allowance.
International players will be immediately released to attend their international matches if they clash with IPL whereas for domestic boards, which rely heavily on the players, will have to give way to IPL as players need to decide where they want to play, and a player who gets Rs 80 lakhs for 45 days will not leave IPL anyhow.
Hence, it will be a loss to domestic boards but a great opportunity for youngsters who don’t get chance to perform in national and international leagues.
If a franchise retains a player they can negotiate the salary to be paid to him, they can pay an amount more or less than decided. That is why you can find different figures for purse deduction and actual salary paid to many players.
Also there will be huge extras for the players for man of the match awards,highest no of sixes in a match,highest no of catches,man of the tournament,purple and orange caps for which handsome prizes are there.
Also if team wins prize money for winning title they should distribute around 50% of it to players (prize money is actually a huge amount).
Also salary paid to players also depends on the availability of them for the matches. Players are not required to play the mathces, bench players are also paid their full salaries.
For foreign players 10% of their salary should be paid to their boards from their salaries.
Other perks are
#1 Bussiness class travel
#2 5-star hotel stay
#3 $100 should be paid to every player as daily allowance
#4 Huge fame for domestic players
#5 Minimum salaries are to be paid so there is much job security in place actually more than a government job. By showcasing their talent players have chances to get a place in national team as well.
It’s great to see that cricketers are now finally raking in the moolah and the perks involved can actually sustain the system. Cricket is now a viable future for thousands of youngsters waiting to represent the country.
Feature image source.
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