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IPL 2020 prize money set to reduce by 50 per cent

IPL 2020 prize money set to reduce by 50 per cent

Economic slowdown seems to have hit the mighty BCCI too. Never the kind to penny-pinch, especially after the birth of the Indian Premier League (IPL), world cricket's proverbial 800-pound gorilla is now busy cutting costs on multiple fronts. In a circular sent out to all the stakeholders of the IPL, including the eight franchises, the board has reiterated that it will not be hosting the opening ceremony of the IPL from this season on. The circular went on to add that the play-off standing fund is also being reduced for the same season.

The board has proposed a close to 50 per cent reduction in the playoff standing fund for 2020, a decision that is being hotly debated by the franchises right now. The circular sent out by the BCCI states that the winner of the IPL 2020 final will get Rs 10 cr, the runner-up will receive Rs 6.25 cr, and the third and the fourth-placed teams (loser of qualifier 2 playoff match & loser of the eliminator play-off match respectively) will receive Rs. 4.375 cr each.

The winner of the 2019 edition of IPL had earned Rs 20 cr as prize money and norms dictated that the purse would get divided equally between the winning franchise and the players. The runner-up received Rs 12.5 cr while the sides finishing third and fourth received Rs 8.75 cr. At least four franchises confirmed to TOI on Tuesday that they were not at all happy with the development. Two franchises further confirmed that they would be "debating" this with the concerned authorities.

The BCCI's venue agreement dictated that franchises would have to pay their respective state associations Rs 30 lakh to host each IPL match. That fee has now been hiked by Rs 20 lakh and franchises will now have to pay Rs 50 lakh per game to the state association. Under the same agreement, the BCCI pays the state association the same money per match as the franchises. "That means, state associations will now earn Rs 1 cr per IPL match," sources added. Read More...

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