For the 2024 T20 World Cup, the International Cricket Council on Monday announced a record prize pool of USD 11.25 million, with at least USD 2.45 million going to the champions. While the losing semi-finalists take home USD 787,500 apiece, the runners-up will receive at least USD 1.28 million.

The USD 5.6 million prize pool from the previous round in 2022 went to the champions, England, who took home USD 1.6 million.

"The ninth edition of the ICC Men's T20 World Cup will see the winners of the 20-team tournament earn at least $2.45 million, the highest prize money in the history of the tournament, along with the trophy that they will lift at Kensington Oval in Barbados on 29 June," according to a statement released by the ICC.

The four teams that fail to make it out of the Super 8s will earn USD 382,500 each, while the teams placed ninth, 10th, 11th and 12th receive USD 247,500 each. Participants who finish 13th to 20th place will return $225,000 each.

"And every team receives an additional $31,154 for each match they win barring the semi-finals and final," the sport's governing body added.

The 55-match event will be played over 28 days, across nine venues in the West Indies and USA, making it the biggest T20 World Cup ever. A record 20 teams are taking part in the competition including first timers USA, Canada and Uganda.

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The format of this year's tournament will see 40 first round matches played before the top eight progress to the Super 8s. Four teams will then qualify for the semi-finals, which will be staged in Trinidad and Tobago and Guyana, ending with the final in Barbados.

“This event is historic in so many ways so it is fitting that the prize money for players reflects that. Hundreds of millions of fans around the world will be entertained by the players in what we're hoping to be an Out of This World event," said ICC Chief Executive Geoff Allardice.