India's cricket board has slashed the prize money by half for the winners and runners-up of this year's IPL, the world's most popular and successful T20 league. The Board of Control for Cricket in India (BCCI) said the move was part of measures to cut the costs of the glitzy Indian Premier League, starting March 29, which attracts top players from around the world. Indian media reports said the board was also doing away with the opening ceremony, usually an extravagant affair with top Bollywood celebrities crooning and dancing before thousands of cheering fans.

"The financial rewards have been reworked as a part of the cost-cutting measures," the BCCI said in a circular sent to the franchises. As a result, the champions will get $1.36 million instead of $2.72 million. The prize money for the runners-up has also been halved. "The franchises are all in good health. They also have multiple ways like sponsorships to bolster their income. Hence the decision on prize money taken," the Press Trust of India quoted a senior BCCI source as saying. Each of the eight franchises will also have to shell out $68,119 to the state association for each game it hosts, up from $27,197.