All eight franchises unhappy with BCCI reducing prize money by half for IPL 2020

A new storm has been brewed with the Board for Control of Cricket in India (BCCI) deciding to reduce the prize money given to the winner of the tournament and the runner ups. This was announced in a circular sent to all eight franchises by the board and now the owners and the management of all teams are unhappy with this decision.

The winner of the IPL received INR 20 crores, as Mumbai Indians did for winning the 2019 trophy. The runners up used to receive 12.5 crore rupees, something which Chennai Super Kings got after losing to MI by one run in the final. Now that amount has been halved to rupees 10 crores for the victors and 6.25 crore for the runners up.

Franchises unhappy over not being consulted by BCCI

The total prize money to be distributed among the top four teams making the playoffs stays at Rs 50 crore, the play-off standing fund to be distributed among the franchisees has been slashed from Rs 50 crore to Rs 25 crore. The BCCI has also increased the funds received by the state associations for hosting the game to INR 1 crore, with franchises and BCCI contributing Rs 50 lakh each.

“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,” an official of a South India-based franchise was quoted by the Times of India. The teams finishing third and fourth will get INR 4.30 crores each, cut down from 6.25 crore rupees they got earlier.

“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 an official from another franchise. It remains to be seen what action the franchises will take as BCCI decided to cut costs saying that each of the teams was in good health and had sources of income as well in sponsorships to bolster their income.

The IPL 2020 begins from March 29, with defending champions Mumbai Indians taking on 2018 champions Chennai Super Kings at the Wankhede Stadium in Mumbai.