One of the largest and most costly cricket leagues in the world – The Indian Premier League is here. IPL came into existence in 2008 after India won the inaugural T20 World Cup in 2007. IPL’s worth has gone up to around Rs 91K crores in 2023. As per The Hindu, media rights agreements and new partnerships are the possible reasons behind this massive growth.
As per BCCI officials, the prize money for the IPL may be raised by 20 per cent to 25 per cent. You read that right!
Now IPL has a total prize pool of 46.5 crores and the winners of the IPL 2023 season will get Rs 20 crores prize money. While the runners-up team will get Rs 13 crores prize share, the 2 teams that go to the playoff round, will get Rs 7 crore.
While we spoke about IPL 2023, let’s take a look at how the IPL prize money has increased over 15 seasons. In 2022, Virat Kohli and MS Dhoni earned Rs 15 crore and Rs 12 crore respectively.
How much money did the winning teams get?
2008 and 2009
For the first two seasons, the winning teams received Rs 4.8 crore, while the runners-up were awarded Rs 2.4 crore.
The prize money was significantly increased to Rs 10 crore for the winners in 2010 and Rs 5 crore for the runners-up. This was not changed till the 2013 season.
2014 and 2015
The winners in 2014 and 2015 received Rs 15 crore, while the finalists were able to get Rs 10 crore.
The prize money went up to Rs 20 crore for the winners in 2016, and Rs 11 crore for the runners-up. It remained unchanged till IPL 2019, but the runners-up in 2018 and 2019 received Rs 12.5 crore as compared to Rs 11 crore in 2016 and 2017.
This was probably not the best season for IPL – For the first time in more than a decade, the prize money was reduced in 2020 due to the pandemic. The winners got just Rs 10 crore, while the runners-up received Rs 6.25 crore.
Despite the second wave of coronavirus that hit several countries, the winning team again got Rs 20 crore for IPL 2021. The runners-up pocketed Rs 12.5 crore.
The IPL 2022 prize money for the winners was Rs 20 crore, runners-up got Rs 13 crore.
How is IPL earning its revenue?
Run by the Board of Control for Cricket in India (BCCI), the IPL manages its revenue from television viewership and sponsorships. According to ESPN, VIVO gave BCCI Rs 440 crore for being the title sponsor in IPL 2018 and 2019. In 2022, the board earned over Rs 1,000 crore from sponsorships.