From correspondents in Delhi, India, 07:31 PM IST

The Indian Premier League (IPL) will be the richest cricketing event to be played in India. The winners of the eight-team tournament will receive $1.2 million (Rs.48 million). The total prize money will be a staggering $3 million (Rs.120 million).

The runners-up will get $600,000 (Rs.24 million) while the two losing semi-finalists would be richer by $300,000 (Rs.12 million) each.

The total prize money will then further be divided amongst other teams, the team finishing fifth collecting $200,000 (Rs.8 million) and the sixth finisher earning $175,000 (Rs.7 million). The team finishing seventh on the league table will get $125,000 (Rs.5 million) while the eighth finisher will earn $100,000 (Rs.4 million).

(Staff Writer, © IANS)