While the final date for the new teams to make their picks was December 25, it is now all but certain that this deadline will be deferred. The BCCI is yet to officially appoint the ownership of the Ahmedabad franchise to CVC Capital Partners, who had INR 5625 crore (USD 750 million approx) to acquire the franchise in October.
The BCCI is still doing its due diligence on the company, looking into compliance issues having to do with CVC's ties with two betting companies, in Italy and in Brazil. The BCCI is seeking the counsel of various experts, including a former High Court judge, before they can formally appoint them owners. This process is likely to push the deadline.
The eight existing IPL teams had already completed their retention process on November 30, and will be going into to the pool to rebuild their sides on February 12. Like the existing teams, the new franchises will also start with a purse of INR 90 crore (US$12 million approx.) to make offers for up to three players before the mega-auction. Their purse on auction day will depend on how many players they end up drafting pre-auction.