New Delhi: The BCCI has decided to cut the prize money for the winning and runners-up team in half compared to 2019 while cutting the expenses for the upcoming season of the Indian Premier League (IPL). In a circular sent to all IPL franchises, the BCCI has informed that instead of Rs 20 crore to the IPL champions, only Rs 10 crore will be given.
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According to the BCCI letter, the financial rewards have been rescheduled as per the cost reduction process. The champion team will get Rs 10 crore instead of Rs 20 crore. The runners-up team will be getting Rs. 6 crores 25 lakhs instead of Rs. 12 crores 50 lakhs, for each of the two teams who lost in the qualifiers, each team will now get Rs. 4 crores 37 lakh 50 thousand.
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Giving information, a source of BCCI has said that, 'All the franchises are in very good condition. They have many ways to increase their earning like sponsorship. This is the reason why this decision has been taken regarding the prize money. However, the state association hosting the IPL match will be given one crore rupees, in which both the BCCI and the franchisees will contribute 50 lakh rupees.'