The Chairman of the Indian Premier League (IPL), Brijesh Patel, in a recent interaction, briefed about the reasoning behind the prize money deduction for teams reaching the Play-offs.
Patel rubbished the talks of Prize Money deductions due to cost-cutting and global economic meltdown being the reason behind the move from the IPL Governing Council.
Many franchises expressed their dissatisfaction with the move from the apex body of the IPL. The decision was made apparently without the consent and consultation of the franchise.
“It’s not cost-cutting. In 2013-14, to help the franchises, we had agreed to increase the money, but it was not part of the original contract,” the IPL Chairman told Hindustan Times on Wednesday.
According to the latest circular issued by the BCCI, the prize money for winners, runners-up, the third and fourth place teams, was slashed by 50%.
“In 2013, the franchises had requested saying they were not making money in IPL. So, the BCCI thought we will also contribute so that player payments do not become an issue. Now, they are earning profits. It’s just a loss in profit,” Patel justified further.
In other wholesale changes, the BCCI decided to scrap the lavish opening ceremony of the IPL from the upcoming edition of the tournament (IPL 2020).
“There are two components. One is the prize money that players get, which remains unaffected. Another is this fund, which we initiated for the franchises in 2013-14. Only that has been cut,” Patel concluded.