Sanctity of the purse

he bidding war in tomorrow's auction may lead to a situation where two franchises end up putting all their money, which can be no more than USD 750,000, on one player.
To end the deadlock, IPL proposed that a 'silent tiebreaker bid' be used and the additional amount go to the Twenty20 event instead of the player concerned.
The IPL suggested that in case two franchises end up bidding the maximum on one player, there would be no cap on spending and higher additional bidder would get the player.
But the additional amount would have to go to IPL instead of the player, a proposal which was not acceptable to the franchises.
"Most of the franchises are not at all happy with it and objected to the proposal on the basic principle that the sanctity of the purse must be protected," a franchise official told 'Cricinfo'.
"If there are equal competing bids, then you draw lots," suggested another official.

Source : http://cricbuzz.com/cricket-news/23345/franchises-reject-the-silent-tiebreaker-bid

Could you please explain to me the emboldened parts?

I guess purse means "maximum amount money that spend on somebody/something".