The International Cricket Council on Monday announced that winners of the ICC Men’s T20 World Cup will receive $2.45 million — record prize money for the tournament — from the overall $11.25m pot while the runner-up will receive $1.28m.

“The 55-match event will be played over 28 days, across nine venues in the West Indies and USA, making this the biggest ICC T20 World Cup ever,” the international cricket body said in a press release, a copy of which is available with Dawn.com.

ICC said that all participating teams will receive a minimum amount of $225,000.

“The ninth edition of the ICC Men’s T20 World Cup will see the winners of the 20-team tournament earn at least $2.45m […] along with the trophy that they will lift at Kensington Oval in Barbados on 29 June,” the press release said.

“The runners-up will receive at least $1.28m, while the losing semi-finalists walk away with $787,500 each from the total, historic prize pot of $11.25m,” it said.

“The four teams that fail to make it out of the Super 8s will earn $382,500 each, while the teams placed ninth, 10th, 11th and 12th receive $247,500 each,” it said.

“Participants who finish 13th to 20th place will return $225,000,” it added.

The press release said that every team would receive an additional $31,154 for each match they win barring the semi-finals and the final.

It said that the format of this year’s tournament would see 40 first-round matches played before the top eight progress to the Super 8s.

“Four teams will then qualify for the semi-finals, which will be staged in Trinidad and Tobago and Guyana, ending with the final in Barbados where the 2024 men’s champions will be crowned,” it said.

According to the press release, ICC Chief Executive Geoff Allardice said: “This event is historic in so many ways so it is fitting that the prize money for players reflects that.”

“Hundreds of millions of fans around the world will be entertained by the players in what we’re hoping to be an Out of This World event,” Allardice said.