The Men’s T20 World Cup 2024 winners would receive at least $2.45 million, the highest amount in the tournament’s history, the International Cricket Council said on Monday.

“This event is historic in so many ways, so it is fitting that the prize money for players reflects that,” ICC Chief Executive Geoff Allardice said as he spoke on the event’s historic significance.

This is the first time the United States of America is hosting the cricket World Cup alongside West Indies. The mega event for the shortest format of the game began on June 2, with hosts facing its neighbouring country Canada.

The US beat Canada in the opening match. It was a tough contest as the US chased 195 after Vice-captain Aaron Jones played a blistering knock to lead his side to victory.

Anticipation is high for the high-voltage match between Pakistan and India on June 9 in New York as the two sides played a bilateral series in 2012.

Allardice hoped the T20 World Cup to be an “Out of This World event” watched by hundreds of millions of fans around the world.

The ICC has earmarked a “record-breaking prize fund” of $11.25 million for the event.

As many as 20 teams are competing in the ninth edition of the T20 World Cup. It would last over 28 days across nine venues in the West Indies and USA.

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The runners-up will earn at least $1.28 million, while the losing semi-finalists will take home $787,500 each. Teams that do not advance past the second round will receive $382,500 each, and those finishing between ninth and 12th place will get $247,500 each.

Teams ranking from 13th to 20th place will each earn $225,000. Additionally, every team will receive an extra $31,154 for each match won, excluding the semi-finals and finals.

The tournament will start with 40 matches in the first round, leading to the Super 8s, followed by the semi-finals in Trinidad and Tobago and Guyana. The final match will take place at the Kensington Oval in Barbados, where the 2024 men’s champions will be crowned.