IPL 2020 News | Prize money for winners, finalists and playoff teams reduced by 50%; State Associations to earn more for hosting each IPL game

India's cash-rich domestic cricket league, the Indian Premier League (IPL) is in the process of reducing the prize money by 50 percent, from ₹20 crores to ₹10 crores for the winners.

In circulars sent out to various stakeholders of IPL and the franchises, the idea of removing the opening ceremony from this season onwards was also stressed along with the decision to cut costs on multiple fronts.

The hotly-debated topic of cost-cutting will see prize-money of the finalists also getting reduced to ₹6.5 crores from this year onwards. IPL 2019 winners received an amount of ₹20 crores while the runners-up gathered a decent sum of ₹12.5 crores.

Also see – IPL team list

However, the finalists this season are deemed to receive ₹6.25 crores. The third and fourth-placed sides (loser of qualifier 2 playoff match and loser of the eliminator play-off match respectively) are set to receive a reduced amount of ₹4.375 crores each, unlike ₹8.75 crores each in 2019.

According to reports from TOI, as many as four IPL franchises have expressed their unhappiness at the proposal and are willing to talk it through with the concerned authorities.

According to BCCI, the state associations who used to earn ₹30 lakhs each from the franchise and BCCI for hosting an IPL match, will now be receiving ₹50 lakhs from both the parties individually.

🗓️🗓️ Announcement 🚨🚨Schedule for league stage of the VIVO IPL 2020 is out 😎 Mumbai Indians to take on Chennai Super Kings in the tournament opener in Mumbai on March 29th 🏟️🏟️Full Details here 👉👉https://t.co/vi0Ve6zoy8 pic.twitter.com/kankjBLuJg

— IndianPremierLeague (@IPL) February 18, 2020