Mumbai, Nov. 5: The players' auction for the next Indian Premier League (IPL) will be held on December 19 in Kolkata, the event's Governing Council decided in a meeting here on Tuesday.

IPL Auction 2020 Date, Time & Venue; Player Auction will be held in Kolkata on December 19

The glitzy league is usually held in April-May every year and players' auction is being conducted in Kolkata for the first time. The city is the home ground of the Shah Rukh Khan co-owned Kolkata Knight Riders franchise.

"The IPL auction will be in Kolkata on December 19. It's a departure from the traditional venue of Bengaluru," an IPL Governing Council member said on conditions of anonymity after the meeting here.

While the franchises were allotted Rs 82 crore each for IPL 2019, Rs 85 crore per team has been earmarked for the 2020 season. Every franchise will also have an additional purse of Rs three crore in addition to the balance in their kitties from the last auction.

Delhi Capitals have the biggest balance -- Rs 8.2 crore, followed by Rajasthan Royals at Rs 7.15 crore and Kolkata Knight Riders at Rs 6.05 crore. This year's auction is the last one before the franchises disband and prepare to assemble fresh squads from 2021 at a mega auction.

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Funds left with franchises ahead of IPL 2020 auction:

Chennai Super Kings - Rs 3.2 crore

Delhi Capitals - Rs 7.7 crore

Kings XI Punjab - Rs 3.7 crore

Kolkata Knight Riders - Rs 6.05 crore

Mumbai Indians - Rs 3.55 crore

Rajasthan Royals - Rs 7.15 crore

Royal Challengers Bangalore - Rs 1.80 crore

Sunrisers Hyderabad - Rs 5.30 crore