IPL Prize Money Reduced To Half As Economic Slowdown Hits BCCI: Report

According to a report on Times of India, the board has stated that in a circular sent out to all the stakeholders of the IPL as well as the franchises that it will not host an opening ceremony of the IPL from this season.

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New Delhi: The cash rich Board of Control for Cricket in India [BCCI] seems to be also facing the brunt of economic slowdown as the Indian cricket board is likely to implement some serious cost cutting measures in the upcoming edition of their flagship money spinning Indian Premier League. According to a report on Times of India, the board has stated that in a circular sent out to all the stakeholders of the IPL as well as the franchises that it will not host an opening ceremony of the IPL from this season. The circular went on to add that the standing fund for the play-off will also be reduced this season. As much as 50 per cent reduction of the standing fund has been proposed for 2020 and also reduced the prize money of the winner of IPL 2020 to INR 10 crore from INR 20 crore in IPL 2020. The runner-up is set to bag INR 6.25 crore as opposed to Rs 12.5 crore while the third and the fourth placed teams (loser of qualifier 2 playoff match & loser of the eliminator play-off match respectively) will receive INR 4.375 crore each instead of INR 8.75 crore. The state associations used to recieve INR 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 INR 1 crore per IPL match," sources adds. The report on TOI further adds that the franchises are not happy with the developments while two franchises also confirmed that they would be "debating" this with the concerned authorities. In a bid to cut costs more, the BCCI has also put new travel policies for its support staff from now on. Earlier, a flight travel of more than three hours meant a business class ticket for senior emplpoyees but now they will have to flight economy as long as the travel time is less than eight hours. "Barring two or three senior most employees, the rule will apply to all, including operational heads," the source added.