BCCI Announces ‘huge’ cut in IPL Prize Money
According to reports, the Board of Control for Cricket in India (BCCI) issued a notification to all Indian Premier League franchises. In the notification, it is stated that the prize money for IPL will decrease. The cost cutting measures are a part of BCCI’s decision to save funds. The IPL Prize money will now in total be just Rs. 25 crore.
As per the reports, BCCI decided to cut the IPL prize money in half. Rather than a whopping Rs. 20 crores, Indian Premier League winners will receive just 10 crores. This can be due to the nation wide economic slowdown, or the generic cost cutting step planned by BCCI.
While the IPL winner prize money is cut from 20 crore to 10 crore, IPL runner ups will now receive just Rs. 6.25 crore from earlier 12 crore. The 3rd & 4th finishing teams will now receive 4.375 crores.
There are rumors that IPL franchises are not happy with the decision and may consult the BCCI. This all has come in a very short time for franchise owners. The Indian Premier League is to start from the 29th March. Defending champions Mumbai Indians are all set to take on Chennai Super Kings on 29th March in Wankhede Stadium, Mumbai.
BCCI is in the notion that the franchises are doing good when it comes to monetary terms. They are able to adjust their funds from sponsorship. Teams that have not finished in top 4 managed to save funds and earn profits through advertisements and sponsorship.
Indian Premier League began in 2008, with Rajasthan Royals winning the first season. Since then, IPL has taken Indian cricket to another level. Lets see how the franchise owners will not react to the reduction in prize money. BCCI may hear the owners of the IPL franchises and make the final decision.