Reports: IPL prize money halved as BCCI seeks strict cost cutting measures

Reports: IPL prize money halved as BCCI seeks strict cost cutting measures

In the circular, the BCCI has notified that instead of a whopping Rs 20 crore, the IPL champion team will now receive Rs 10 crore only.

IPL
Mumbai Indians. (Photo: Surjeet Yadav/IANS)

The cricketing world is gearing up for yet another exciting season of the Indian Premier League (IPL). The much-awaited thirteenth edition of the league gets underway on March 29. Reigning IPL champions Mumbai Indians will take on Chennai Super Kings in the tournament opener at the Wankhede Stadium in Mumbai.

The league stage comes to an end on May 17 with Royal Challengers Bangalore and Mumbai Indians locking horns against each other in the final league game. The schedule for the playoffs is yet to be announced but the final will take place on May 24. With all the teams looking strong on paper, another bumper and exciting season are on the cards.

Cost cutting measures by BCCI

Ahead of the IPL 2020, the BCCI has risked upsetting the IPL franchises by deciding to implement strict cost cutting measures. The biggest decision regarding the cost cutting is that IPL 2020 champions’ prize money will be halved as compared to 2019. The BCCI has already informed all the franchises, according to a report on NDTV.

In the circular, the BCCI has notified that instead of a whopping Rs 20 crore, the IPL champion team will now receive Rs 10 crore only. On the other hand, the runners-up, who used to get Rs 12.5 crore, will now receive half of the previous amount. The two losing qualifiers will now get Rs 4.375 crore each.

“The financial rewards have been reworked as a part of the cost cutting measures. The champions will get Rs 10 crore instead of Rs 20 crore. The runners-up will get Rs 6.25 crore from earlier Rs 12.5 crore,” a BCCI notification read.

Explaining the rationale behind the BCCI’s decision to cut the prize money, a BCCI source said, “The franchises are all in good health. They also have multiple ways like sponsorships to bolster their income. Hence the decision on prize money taken.”

The report further stated that a state association hosting IPL games will get Rs 1 crore each with franchises and BCCI contributing Rs 50 lakh each. In another development, mid-level BCCI employees won’t be allowed to avail business class flights like earlier times for flying to the Asian countries (Sri Lanka, Bangladesh, UAE) where the flying time is less than eight hours.