The Board of Control for Cricket in India (BCCI) has decided to implement strict cost cutting measures with the notable decision being the halving of IPL 2020 champions' prize money.
In a circular sent to all IPL franchises, the BCCI has notified that instead of a whopping Rs 20 crore paid earlier, the IPL champion will now receive Rs 10 crore only.
"The financial rewards have been reworked as a part of the cost cutting measures. The champions will get Rs 10 crore instead of Rs 20 crore. The runners-up will get Rs 6.25 crore from earlier Rs 12.5 crore," according to news agency PTI.
"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," a senior BCCI source told PTI.
Other cost cutting measures implemented by BCCI
A state association hosting IPL games will get Rs 1 crore each with franchises and BCCI contributing Rs 50 lakh each.
It has also been learnt that mid-level BCCI employees won't be allowed to avail business class on flights for travel to Asian countries (Sri Lanka, Bangladesh, UAE) where the flying time is less than 8 hours.
IPL and franchises brand valuation
According to Duff and Phelps annual IPL Brand Valuation report 2019, the overall brand value of the Indian Premier League has increased by 7 per cent (after considering currency fluctuations) from 6.3 billion dollars in 2018 to 6.8 billion dollars in 2019.
Mumbai Indians continued to top the charts for the fourth time with an 8.5 per cent increase in brand value at Rs 809 crore.
Brand value of IPL franchises after IPL 2019
Brand value of Indian Premier League over the years