Before the start of the 13th edition of the Indian Premier League (IPL), it was learnt that Board of Control for Cricket in India (BCCI) is going through a cash-crunch situation and because of which, they have planned to put forward some serious cost-cutting measures in the forthcoming showpiece event.
According to a report of the Times of India, BCCI stated that a circular has been sent out to all the stakeholders of the IPL including all the eight franchises of the league that it will not organise an IPL opening ceremony from this season. The circular added that the standing fund for the playoffs will also be cut down for this season.
The report further added that a 50 per cent reduction of the standing fund has been reduced for IPL 2020. The prize money for IPL 2020 winner will bag INR 10 crore instead of INR 20 crore in IPL 2020 while the runner-up prize money has been cut down from Rs 12.5 crore to INR 6.25 crore.
The third and the fourth-placed teams (loser of qualifier 2 playoff game and loser of the eliminator play-off game) will bag INR 4.37 crore each as opposed to INR 8.75 crore.
The source in the know of developments echoed that the state associations will earn INR 1 crore per IPL game.
IPL supremo Brijesh Patel on reducing playoffs money:
Meanwhile, the IPL chairman Brijesh Patel has dismissed the talks of this being a cost-cutting move by the BCCI.
“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. In 2013, the franchises had requested saying they were not making money in IPL. So, BCCI thought we will also contribute so that player payments do not become an issue. Now, they are earning profits. It’s just loss in profit,” Patel told Hindustan Times on Wednesday.
According to the latest circular given by the BCCI, the prize money for the winner, runner-up, the third and fourth-placed teams have been reduced by half.
A BCCI official on the condition of anonymity also clarified the major decision, suggesting there hasn’t been any change in the prize money for the players but only the extra fund that was initiated in 2013-14 – to give the eight franchises some financial leverage that has been reduced.