IPL 2020 prize money will be reduced by 50%

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It looks like an economic slowdown has affected the mighty BCCI too! BCCI who had never thought of reducing prize money and other expenses in hosting cricket tournaments is now busy cutting costs on multiple fronts! World cricket’s proverbial 800-pound gorilla is now looking out for different ways whereby it can reduce its spending’s!

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 further stated that the play-off standing fund is also being reduced for the same season. The board has proposed a close to 50 percent reduction in the playoff standing fund for 2020! This decision of BCCI has now become the hot topic for debate by the franchises currently! 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. Whereas the winners of IPL 2019 had earned Rs 20 crore 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 that they are absolutely not happy with the decision of BCCI. Two franchises further confirmed that they would be “debating” this with the concerned authorities.

The change in the Venue agreement costs has also been proposed by BCCI. 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.

Looking at the, more expenditure and less revenue scheme imposed by BCCI, the possibility is there that the franchise holders will raise their voice against the agreement issued by the BCCI.