The Board of Control for Cricket in India (BCCI) is affected by the economic slowdown and it is planning cost-cutting on multiple fronts.
The Times of India reported that the BCCI, in a circular sent out to all IPL stakeholders franchises, has stated that it will not host an opening ceremony of the tournament this season.
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“The standing fund for the play-off will also be reduced this season,” the circular further stated.
The BCCI has proposed as much as 50 per cent reduction of the standing fund for 2020.
It has also decided to reduce the prize money of the winner of IPL 2020 to Rs 10 crore from Rs 20 crore.
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As per the circular, the runner-up will get prize money of Rs 6.25 crore instead of Rs 12.5 crore.
The third and the fourth-placed teams will receive Rs 4.375 crore each instead of Rs 8.75 crore.