In an attempt to cut down the costs, the Board of Control for Cricket in India (BCCI) has decided to slash the IPL prize money by half.
All the franchises were sent a circular regarding the cost-cutting measures being taken for the upcoming season.
A BCCI official revealed that the decision has been taken, keeping in mind the salubrious state of franchises.
The winning team to be rewarded with Rs. 10 crore
The IPL winning team will now receive Rs. 10 crore instead of Rs. 20 crore.
While the runners-up will get Rs. 6.25 crore half of the earlier amount, Rs. 12.5 crore, the losing qualifiers will receive Rs. 4.3 crore each.
Rs. 1 crore will be given to the state associations which host the IPL games with BCCI contributing Rs. 50 lakh each.
Rewards have been cut down to save costs: BCCI statement
"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.
Franchises have sponsors to bolster their income: BCCI source
Reportedly, the mid-level BCCI employees will also be deprived of the business class flights, unlike before, for flying to Asian countries (Sri Lanka, Bangladesh, UAE) where the flight time is less than eight hours.
"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," a senior BCCI source said.
CSK to take on Mumbai Indians in the IPL opener
The 13the edition of Indian Premier League will be kick off on March 29 with Chennai Super Kings taking on the defending champions Mumbai Indians at the Wankhede Stadium.
The cash-rich league which is set to span for a duration of 57 days will feature only six-afternoon games this time around.