The <a href="http://india.com/topic/BCCI">BCCI</a> has employed a strict cost-cutting process which will see the prize money in the <a href="http://india.com/topic/IPL">IPL</a> being reduced by 50 percent. The winning team used to be awarded a prize money of Rs 20 crore, whereas the runner-up would get Rs 12.5 crore. Both have been cut short remarkably, as informed by the board via circulars to all stakeholders of the IPL, with deductions expected across several fronts. <p></p> <p></p>"The financial rewards have been reworked as a part of the cost-cutting measures. The champions will get Rs 10 crore instead of Rs 20 crore. The runners-up will get Rs 6.25 crore instead of Rs 12.5 crore," a BCCI notification, in possession of PTI, read. <p></p> <p></p>Besides the two finalists, it is being reported that the teams losing the two qualifiers game would also undergo a pay cut and be receiving Rs 4.37 crore instead of Rs 8.75 crore which the teams finishing third and fourth used to receive until last year. <p></p> <p></p>The reason behind the pay cut seems to be the economic meltdown, which apparently even the richest cricket board in the world has been able to escape. Besides the reduction in money, the IPL has also washed away its hands from hosting the opening ceremony, which has been a staple with the tournament since its very beginning back in 2008. <p></p> <p></p>"The franchises are all in good health. They also have multiple ways like sponsorship to bolster their income. Hence the decision on prize money taken," a senior BCCI source said. <p></p> <p></p>This comes in addition to cost deduction in travel as well. Going further, restrictions have been put on officials travelling business class. Contrary to staff travelling business class if the flight time is more than eight hours, people, barring two-three senior-most employees, with at least eight hours of flying time will be given economy class seats. <p></p> <p></p>State associations hosting IPL games will get Rs 1 crore with franchises and BCCI contributing Rs 50 lakh each, instead of the previous amount of Rs 30 lakh.