More than R380 million set to be spent at IPL's big money auction on February 18

Kings XI Punjab (IPL - Twitter)
Kings XI Punjab (IPL - Twitter)

The Indian Premier League announced Wednesday that its auction is to be held on February 18, with teams set to splash out more than $25 million dollars (around R380 million) to hire stars from around the world.

The league's announcement sets up the auction ahead of the cash rich tournament's start in April, after England's tour of India ends on March 28.

Officially, each of the eight teams is allowed to spend nearly $12 million in salaries for the 10-week tournament but because many have a high number of retained players the cash available for the auction will differ.

Kings XI Punjab will enter the auction with the biggest purse of $7 million followed by Virat Kohli's Royal Challengers Bangalore on $4.75 million.

Rajasthan Royals will have $4.7 million after releasing high-earning captain Steve Smith, who could be a major target for one of the other teams.

Punjab, Bangalore and Rajasthan are all rebuilding after a disappointing 2020 season when the tournament was held in United Arab Emirates because of the coronavirus pandemic.

Champions Mumbai Indians released seven players and will have about $2 million to bid.

Australia fast bowler Pat Cummins was the most expensive foreign player in 2020, costing Kolkata Knight Riders $2.1 million at last year's auction.

The IPL is to be increased to 10 teams, but media reports say this will only happen in 2022.

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