IPL prize money set to slash by 50%

In an austerity measure, the Board of Control for Cricket in India (BCCI) has decided to halve the prize money for the champions and runners up of this year's Indian Premier League competition beginning on March 29.

In a circular sent to all IPL franchises, the BCCI has notified that instead of Rs 20 crore, the IPL champion team will now receive Rs 10 crore and the runners up will get Rs 6.25 crore instead of Rs 12.5 crore earlier.

"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 said.

The two losing qualifiers will now get Rs 4.3 crore each.

"The franchises are all in good health. They also have multiple ways like sponsorship to bolster their income. Hence, the decision on prize money taken," a BCCI source said.

However, state associations hosting IPL games will get Rs 1 crore with franchises and BCCI contributing Rs 50 lakh each.