The ongoing economic recession has likely hit the Board of Control for Cricket in India (BCCI) – the wealthiest cricket board in the world as well. To counter the slowdown, the Indian Premier League (IPL) Governing Council has decided to reduce its expenses on multiple fronts including reducing the prize money of the competition, much to the dismay of all the eight franchises.
BCCI, in a circular, issued to all the stakeholders of the cash-rich franchise-based league, informing that it will not be hosting the opening ceremony of the IPL from this season on. The circular went on to add that the play-off standing fund is also being reduced for the same season. The board has proposed a close to 50 per cent reduction in the playoff standing fund for 2020 which has had the franchise on their toes.
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The circular states that the winner of the IPL 2020 final will get Rs 10 cr, the runner-up will receive Rs 6.25 cr, and the third and the fourth-placed teams (loser of qualifier 2 playoff match & loser of the eliminator play-off match respectively) will receive Rs. 4.375 cr each. On the contrary, the winner of the 2019 edition of IPL had earned Rs 20 cr as prize money while the runner-up and the sides finishing third and fourth received Rs 12.5 cr and Rs 8.75 cr respectively.
A report in TOI suggests that four franchises have already confirmed that they are not at all happy with the development while two teams will debate the issue with the organisers. Furthermore, the venue agreement cost was also hiked from Rs 30 lakhs to Rs 50 lakhs. In a bid to further reduce costs, the BCCI has put new travel policies in place for its staff going forward.
