HomeNewsFinance & MoneyCricketIndia

IPL cuts prize money in austerity drive

Quinton de Kock of the Mumbai Indians bats during the Indian Premier League Final match between the the Mumbai Indians and Chennai Super Kings at Rajiv Gandhi International Cricket Stadium on May 12, 2019 in Hyderabad, India. (Robert Cianflone/Getty Images)

India’s cricket board has cut the prize money for this year’s Indian Premier League by 50 per cent as part of an austerity drive.

The winners of this year’s competition will get $1.36m (€1.22m), compared to the $2.72m awarded last year. This year’s IPL starts on March 29.

According to the Press Trust of India, a senior BCCI source said: “The franchises are all in good health. They also have multiple ways like sponsorships to bolster their income. Hence the decision on prize money taken.”

The Hindustan Times reports that the eight IPL franchises are unhappy with the prize money cut and are meeting to decide their response to the “unexpected” changes.

An official from one franchise said: “We are unhappy that the play-off 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.”

Among other cost-cutting measures by the BCCI, local media reported that the board was doing away with the opening ceremony for the IPL, which is usually a star-studded event featuring Bollywood celebrities. Mid-level BCCI employees have also had their business class flights for short-haul trips revoked. The fees that IPL franchises pay to state cricket associations for hosting matches will also increase to $68,119, from $27,197.

Defending IPL champions Mumbai Indians will host the Chennai Super Kings in the season-opener at Wankhede Stadium on March 29.