International Cricket Council (ICC) has announced the prize money pool for next 8 year cycle for both men and women competitions from 2016 to 2023. A total pool of $65million (41% increase compared to last 8 year cycle) is allocated for prize money to be awarded in ICC men and women competitions plus yearly payments to the No.1 ranked test team.
The major increase will be in the prize money for ICC events such as Twenty20 world cups 2016, 2020 and 50 world cups 2019 and 2023. ICC has increased prize money for Women tournaments as well with total of $4.4 million allocated to women ICC competitions in next 8 years. Women cricket is on the rise and ICC acknowledge that by not only increasing the prize money fund for women game but also promised more tv coverage for future women tournaments.
ICC Twent20 World Cup 2016 will see its prize money increased to $10 million (33% increase) compared to last T20 world cup. 2016 World Cup winners will pocket as much as $3.5 million while runners ups taking home $1.5 million. Every team in the world cup will get participation bonus of around $300,000 guaranteed.
ICC also announced 50% increase in the special prize money for NO.1 test team on every year 01 April will get $1 million which is doubled compared to $500,000 during the last 8 years.
ICC also announced a $70 million fund for Test Cricket to help test playing nations sustain enough home series in next 8 years. All teams will have access to this fund when needed apart from big three (India, Australia and England).