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Not very same as agency but the process is same except the players aren't transferred mid tournament.
The auction is done in a controlled manner by the Cricket Board of India. Every team is allocated a purse to buy players. The highest paid player for this year got $3203320.50
How is it determined which players will be available in the mega auction?
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Players are given a chance to submit their availability before the auction. Also, IPL gets a window of 45 days when almost no international cricket is played by big teams.
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