IPL Prize money to be slashed by 50% owing to cost-cutting; franchises express unhappiness

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IPL 2019. (Image Source: Twitter)

In the recent developments from the Indian Premier League (IPL), the Governing Council has decided to slash the prize money for winners by half, owing to cost-cutting.

It is a matter of great surprise that global economic meltdown even hit the shores of the richest cricketing board in the world, through their golden hen, the cash-rich IPL.

Earlier, the prize money distributed to the winners was INR 20 crores. However, the new circular issued by BCCI proposed an amount of INR 10 crores to the winners of IPL 2020.

Meanwhile, the runners-up receive an amount of INR 6.25 crores. The third and fourth team decided through the Eliminators in the Playoffs, will receive an amount of INR 4.375 crores each.

During the IPL 2019 season, runners up received an amount of INR 12.5 crores (50% slash), while the third and fourth-placed team received as much as INR 8.75 crores.

The franchise officials have expressed their resentment over the latest development, which has really hit them hard.

“We are unhappy that the playoff standing fund has been halved. We were not even consulted. The franchisees have been discussing it informally and will soon have a formal meeting to discuss the issue,” commented one of the franchise officials from South.

“It is a big hit. We are discussing it internally as well as with other teams. All the teams are meeting soon to discuss it,” said another anonymous official, according to HT.

The high-octane tournament is all set to kick-off on March 29, with defending champions Mumbai Indians taking on their arch-rivals Chennai Super Kings for the lung-opener.

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CATEGORY: India, IPL, News, T20

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Shubro is an ardent fan of sports, be it cricket, soccer, or tennis, he has an eye for all. Meticulous cricket writer by the day and an avid FIFA mobile player by the night, his life revolves around sports. The goal is to trott around the globe and to spread happiness through his goofy sense of humour. Write to him at mukherjeeshubro@gmail.com.