May 17 (Daily Mirror) - Over 400 players, both Sri Lankan and overseas, are poised to go under the hammer during the Player Auction of the Lanka Premier League (LPL) T20 Cricket Tournament on May 21 in Colombo.

The auction will feature a collective purse of US $2.5m from all five franchise teams, with each franchise contributing US $500,000.

The teams are mandated to utilize a minimum of 85 percent of the purse they bring into the auction to assemble their squads.

Samantha Dodanwela, LPL Tournament Director told the media that approximately 260 overseas players, including several prominent international names, have been shortlisted for this year's auction.

Dodanwela revealed that the fifth edition of the LPL 2024, scheduled to run from July 1 to 21, has witnessed the registration of over 600 overseas players. However, only around 260 of them have made it to the final shortlist for the auction.

Dodanwala said that they terminated contracts with two owners for violating guidelines and replaced franchise owners for Galle and Dambulla teams this year.

"We are in discussions with three individuals for the Kandy team ownership and will confirm soon," he added.

Regarding the Women's participation, plans are underway for a Women's T10 League, with future considerations for a T20 League.

In terms of financials, Dodanwala clarified that each franchise will have US $500,000 for auctions and another US $500,000 for pre-sign or direct-sign players.

"The pre-auction amount cannot be carried forward, solely for direct signs. Any retained player must be deducted from the auction purse," he explained.

He said teams are allowed to retain a maximum of six players, with most teams having already retained or pre-signed their limit. Each team can have a minimum of 20 players and a maximum of 24, he said.