IPL SALARY CAP FIXED AT RS 60 CRORE
FOR 2014
According to reports, the
Governing Council of the IPL has decided to put an upper limit on the total salary
of the players for the 2014 season. A salary cap of Rs 60 crores has been
projected to be imposed on each franchise. For 2013 the limit was 12.5 million
dollars (Approx Rs 77 crores).
Considering the present
economic conditions, all payments will be in Indian rupee. This means that
foreign players who were earlier paid in dollars will be paid in Indian currency
only. The salary cap is expected to rise by 5% every year.
In professional sports, a salary cap or wage cap is an agreement or rule that
places a limit on the amount of money that a sporting club can spend on player
salaries. The limit exists as a per-player limit or a total limit for the
team's roster, or both. Several sports leagues have implemented salary caps,
both as a method of keeping overall costs down, and to ensure parity between
wealthy and not so wealthy teams as they cannot entrench dominance by signing
many more top players than their rivals. Salary caps can be a major issue in
negotiations between league management and players' unions.
(Photo courtesy www.ibtimes.co.in)
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