On May 28, the highly anticipated final match of the Indian Premier League (IPL) 2023 will take place, featuring the Chennai Super Kings and the Gujarat Titans. The victorious team of the IPL will not only claim the prestigious title but also stand to gain a significant amount of prize money.
In the inaugural season of the IPL in 2008, the winning team received INR 4.8 crore, while the runners-up were awarded INR 2.4 crore. Fast forward 15 years, and the prize money has experienced a remarkable increase.
The victorious team in this year’s IPL final will earn a whopping INR 20 crore, which is four times the amount awarded in the first season. The runners-up, on the other hand, will be granted INR 13 crore for their commendable performance.
Reports from Sportstar indicate that the Board of Control for Cricket in India (BCCI) has allocated a total prize money of INR 46.5 crore for this season’s competition.
Notably, the prize money has remained unchanged for several years. Since 2016, the winning team has been receiving INR 20 crore, while the runners-up have been rewarded INR 11 crore until 2019. However, the runners-up prize money was revised to INR 13 crore starting from 2021.
In 2020, as a result of cost-cutting measures implemented due to the Covid-19 pandemic, the winning team of the Indian Premier League, the Mumbai Indians, received a reduced prize money of INR 10 crore.
This adjustment was made to adapt to the financial challenges faced during that particular year. It is worth noting that this reduction was an exceptional circumstance, and the prize money for subsequent seasons returned to the standard amount.
In addition to the team prizes, several individual awards are presented during the Indian Premier League. The Orange Cap, awarded to the player who scores the most runs in the tournament, and the Purple Cap, given to the player with the highest number of wickets taken, both carry a prize of INR 15 lakh each.
The Emerging Player of the tournament, recognizing a young talent who exhibits exceptional performance, receives a reward of INR 20 lakh. Furthermore, the cricketer who earns the title of Most Valuable Player (MVP) in the 2023 IPL will be rewarded with INR 12 lakh for their outstanding contributions.
IPL 2023 Prize Money Distribution
1st place: INR 20 crore
2nd place: INR 13 crore
3rd place (Mumbai Indians): INR 7 crore
4th place (Lucknow Super Giants): INR 6.5 crore.
