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.

The runners-up will receive at least $1.28 million, while the losing semi-finalists walk away with $787,500 each from the total, historic prize pot of $11.25 million.

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

And every team receives an additional $31,154 for each match they win barring the semi-finals and final.

“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,” ICC Chief Executive Geoff Allardice said.

The 55-match event will be played over 28 days, across nine venues in the West Indies and USA, making this the biggest ICC T20 World Cup ever.

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 where the 2024 men’s champions will be crowned.