"Most of the Franchisees wanted to retain four domestic and four international players but IPL Governing Council came out with a formula that you can retain a maximum of four overseas players.

"And in doing so, we (GC) will deduct a specified amount from your auction amout. So, if you retain four players, four-and-a-half million was reduced. But it did not tell, how much we have to pay to the players. Once a player is retained then the contract is between the player and Franchisee," Mallya said after the auction today.