New York, June 3 (IANS): The ninth edition of the ICC Men’s T20 World Cup will see the winners of the 20-team tournament earn at least 2.45 million USD, the highest prize money in the history of the competition, said the International Cricket Council (ICC). The prize money will be given to the winner of the tournament along with the trophy that they will lift at Kensington Oval in Barbados on June 29, from the overall USD 11.25 million pot sanctioned by the ICC. Every team receives a minimum of 225,000 USD for participating.

The runners-up will get at least USD 1.28 million while the losing semifinalists walk away with 787,500 USD. The four teams that fail to make it out of the Super 8s will earn 382,500 USD each, while the teams placed ninth, 10th, 11th, and 12th respectively will receive 247,500 USD each.

Participants who finish in 13th to 20th places will pocket 225,000 USD. Every team receives an additional 31,154 USD for each match they win barring the semifinals and final. “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,” said ICC CEO Geoff Allardice.

The 55-match event to be contested between 20 teams will be played over 28 days, across nine venues in the West Indies and USA, making this the biggest ICC Men’s T20 World Cup ever. The 20 teams will be divided into four groups of five each for the first round.

The top two teams from each group will qualify for the Super 8 stage, where teams will be split into two groups of four each. Teams seeded first and second in their groups in the first round will retain that seeding in the Super 8, provided they qualify. A1, B2, C1, and D2 finishers will be in one group, while A2, B1, C2, and D1 will be slotted in the other group.

The top two sides from two groups of the Super 8 will advance to the semifinals. The semi-finals will be held in Guyana and Trinidad and Tobago on June 26 and 27 respectively, while the final will be held in Barbados on June 29.