The International Cricket Council, in a landmark decision on Tuesday, announced equal prize money for men and women in World Cups, starting with next month’s women’s T20 showpiece, the purse for which has been hiked by a staggering 225 per cent to $7.95 million.

The women’s T20 World Cup champions will walk away with $2.34 million from this fund, a 134 per cent increase on the $1 million awarded to the Australia Women’s team when they clinched the title in South Africa last year, said the ICC in a statement.

India, who lifted the men’s T20 World Cup in the Caribbean earlier this year,
had received $2.45 million in cash prize.

“The ICC Women’s T20 World Cup 2024 will be the first ICC event where women will receive the same prize money as their male counterparts, marking a significant milestone in the sport’s history,” the ICC said.

The decision ensures that the global cricket body reached its prize money equity target seven years ahead of schedule, of 2030.

The ninth edition of the tournament will take place across two venues in the UAE, Dubai and Sharjah, from October 3-20.

The runners-up at the showpiece event next month will get $1.17 million, an increase of 134 per cent in comparison to the $500,000 South Africa received for reaching the final on home soil in Cape Town in February 2023.

The two losing semi-finalists will earn $675,000 (up from $210,000 in 2023), with the overall prize pot totalling $7,958,080, a massive increase of 225 per cent from last year’s total fund of $2.45 million.

Each win during the group stages will see teams take home $31,154, while the six teams who fail to reach the semi-finals will share a pool of $1.35 million depending on their finishing positions.

“This move is in line with the ICC’s strategy to prioritise the women’s game and accelerate its growth by 2032,” the ICC added.