As part of its austerity drive, the Board of Control for Cricket in India (BCCI) has decided to halve the prize money for IPL champions and the runners-up this season. This is part of its cost-cutting measures for the upcoming edition. A circular was sent to all IPL franchises in which the BCCI notified that instead of a whopping Rs 20 crore, the IPL champion team will now receive Rs 10 crore. The season is slated to begin on March 29.

“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,” a BCCI notification, in possession of PTI, read.

The two losing qualifiers will now get Rs 4.3 crore each.

“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 said. However, state associations hosting IPL games will get Rs 1 crore with franchises and BCCI contributing Rs 50 lakh each.