IPL auction 2018: All you need to know about the big day

Bengaluru, January 23: The IPL auction 2018 will be held in Bengaluru this weekend (January 27, 28). Mykhel gives you a lowdown on the auction process.

How the auction is conducted

The players will be divided into groups based on their roles and then split into pots.
The auctioneer announces the player's name and the teams can bid for him starting from his base price by raising team paddle. Bidding goes on till the auctioneer says 'Player Sold'.

What's Right to Match (RTM) card
Once a team successfully bids for a player, the auctioneer will ask the player's previous owner, if they want to use their RTM card. If so, the player will be sold to the previous owner for the same price that he fetched in the latest auction.

What happened to unsold players

The unsold players will be up for auction once all other players have been sold. Franchises can give a list of unsold players they are interested in and the bidding will start with the player's base price halved.

The Economy of Auction

Franchisees: Eight.

Cash in hand: Rs 422.5 crore.

Players to be acquired: Maximum 182.

Auction pool: 578

Indians in the pool: 360.

Auction Venue: ITC Royal Gardenia, Bengaluru

Auctioneer: Richard Madley

Who's Madley: A second generation auctioneer from Wales, Madley had played in Surrey Cricket League. He launched his auctioning career in 1978 with Phillips Son and Neale of Bond Street, London.

He's currently employed with Christie, New York. Former IPL boss Lalit Modi brought Madley for the IPL auction in its first edition in 2008 and the association has not broken since.

Available Purse

Rajasthan Royals: Rs 67.5 crore

Kings XI Punjab: Rs 67.5 crore

Sunrisers Hyderabad: Rs 59 crore

Kolkata Knight Riders: Rs 59 crore

Royal Challengers Bangalore: Rs 49 crore

Chennai Super Kings: Rs 47 crore

Delhi Daredevils: Rs 47 crore

Mumbai Indians: Rs 47 crore