The title winner of the ICC Men’s T20 World Cup 2022 would take home $1.6 million, the international cricket body announced on Friday, just a couple of weeks before the mega event kicks off in Australia.

“The runners-up would get half the total amount of prize money,” it said in a blog post on its website as participating teams try to get their squad ready for the shortest format of the game. The final of the World Cup would be played in Melbourne on November 13.

At the end of the 16-team tournament, the losing semi-finalists will each get $400,000 from the $5.6 million total prize pool.

The eight teams who exit at the Super 12 stage will receive $70,000 each. Like last year, a win in each of the 30 games in the Super 12 phase will be worth $40,000.

Afghanistan, Australia, Bangladesh, England, India, New Zealand, Pakistan and South Africa directly made it to the Super 12 phase of the event.

The other eight teams – Namibia, Sri Lanka, Netherlands, UAE in Group A and West Indies, Scotland, Ireland and Zimbabwe in Group B – are split into two groups of four and will play the first round. For any win in the first round, prize money of $40,000 will be awarded, with the 12 matches amounting to $480,000.

“The four teams knocked out in the first round will get $40,000 each,” it said.