The Hundred’s inaugural player auction will be held in London on 11 and 12 March.

For the first five editions of the competition, players were allocated to teams via a draft system with a set of salary tiers.

But following substantial private investment in The Hundred, players not already signed or retained will now have their team and pay set by an auction.

The shift to a system similar to the one used in the Indian Premier League (IPL) has been driven by new investors in the eight city-based franchises.

Auctions are a feature of a number of T20 franchise leagues, with the IPL holding one since its inception in 2008, but this will be the first major instance in UK sporting history.

Four of The Hundred’s sides are now part-owned by groups that also control franchises in the IPL, which is reflected in the new team names of MI London, Sunrisers Leeds and Manchester Super Giants. The fourth, Southern Brave – backed by Delhi Capitals – have retained their original name.

The women’s auction will take place on 11 March with the men’s auction 24 hours later.