The winners of the ICC Men’s Cricket World Cup 2023 were set to receive $4 million, out of the total $10 million prize pool, the International Cricket Council announced on Friday.

“The runners-up of the final to be played on November 19 at the Narendra Modi Stadium in Ahmedabad will take home $2 million,” said the ICC in a blog post.

The 50-over cricket World Cup is scheduled to begin on October 5 in India, with the opening match between the defending champions England and New Zealand.

All 10 teams would play each other once in a round-robin format in the Group Stage. The top four in the points table would progress to the semi-finals.

The teams who would win their group stage matches would get $40,000 for every victory. Teams that fail to reach the knockouts would each get $100,000.

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“The prize money also sets the precedent for the upcoming ICC Women’s Cricket World Cup in 2025, with ICC announcing equal sums for both men’s and women’s events during the Annual Conference held in Durban, South Africa in July 2023,” it said.

As many as 10 teams would fight for the coveted trophy. India qualified by virtue of being hosts while New Zealand, England, Bangladesh, Pakistan, Australia, Afghanistan and South Africa progressed from the Super League.

Sri Lanka and the Netherlands progressed to the World Cup after winning their qualifying matches.

As many as 48 matches would be played across 10 locations. Each team would play two warm-up matches to get in the groove for the 46-day-long tournament.