The third installment of the Indian Premier League will be kicking off on Friday 12th March, its been confirmed.

IPL 3.0, which will run until Sunday 25th April, will also float tenders for theatrical rights and master licensee for L&M (licensing and merchandising). The commercial details of these new rights are being worked out.

At a media briefing today, IPL commissioner Lalit Modi said that the transfer window will be held from 15th December – 5th January.

Modi also announced that from the fourth season there will be two new teams. Tender documents will be floated by the end of the year and an auction will take place in January 2010.

“After the third season all player contracts are over. So we will have a players auction after the Twenty20 World Cup in the West Indies. The salary cap will be revised. The cap is important in ensuring that there is equality among all teams. There will still be only four foreign players playing in each side,” Modi said.