While the player retentions used to be done through formal e-mails, which were sent to the BCCI by the IPL franchises, this year the entire event will be broadcast live on Star Sports, starting 1900 IST on January 4.
It's a forgone conclusion that Mumbai Indians would retain Rohit Sharma at the player retention event to be held at a suburban hotel on Thursday.
Before the much-hyped Player Auction which will be taking place on January 27 and 28 in Bengaluru, the franchisees have been given an opportunity to retain a core of their previous squad members through an official retention event.
What time will the IPL Player Retention 2018 event start?
Chennai Super Kings and Rajasthan Royals, two of the eight original franchises that were suspended for the last two years but are now back in the fray, can makes their choices from the players who represented them in the 2015 edition and who subsequently were part of Rising Pune Supergiant or Gujarat Lions, the two replacement franchises, in IPL 2017.
With Dhoni and Raina confirmed favourite picks, CSK is still mulling over the third choice, with a dearth of options available. If the franchise retains one player: The cost of the player will be 12.5 crores INR. In case any franchise retains an uncapped player, the cost of the player will be 3 crores INR. The money will be deducted from the franchises' auction purse.
The teams can use either option for a maximum of three times.
Right to match or RTM basically gives a franchise the authority to match the highest bid for a player they didn't choose to retain pre-auction, and acquire his services again.
The flexibility that the RtM card offers might encourage the franchises to be somewhat conservative with their retentions and adopt a more aggressive approach at the auction, though the strategy is certain to change from one franchise to another. Kolkata Knight Riders and Delhi Daredevils have been against retention in any form, but those who wanted it had their way.