The International Cricket Council (ICC) today announced equal prize money for men’s and women’s teams at ICC events while also making changes to the over-rate sanctions in Test cricket.

Equal prize money for men's and women's events

The decision was made during the ICC Annual Conference held in Durban, South Africa, marking a significant milestone in ICC's endeavor to achieve prize money parity by 2030, surpassing the predetermined timeline for the same.

Teams will now receive equal prize money for finishing in similar positions at comparable events as well as the same amount for winning a match at those events.

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"This is a significant moment in the history of our sport and I am delighted that men’s and women’s cricketers competing at ICC global events will now be rewarded equally," ICC Chairman Greg Barclay said.

“Since 2017 we have increased prize money at women’s events every year with a clear focus on reaching equal prize money and from here on in, winning the ICC Women’s Cricket World Cup will carry the same prize money as winning the ICC Men’s Cricket World Cup and the same for T20 World Cups and U19s too. 

“Cricket is genuinely a sport for all and this decision from the ICC Board reinforces that and enables us to celebrate and value every single player’s contribution to the game equally.”

The winners and runners-up at the ICC Women's T20 World Cup 2020 and 2023 received $1 million and $500,000 respectively, which was five times the amount offered in 2018.

The prize money for the ICC Women's Cricket World Cup 2022, too, rose to $3.5m from the $2m that was awarded for winning the 2017 edition in England.

Large investment for member nations

Each member of the ICC will also receive substantial increases in funding, thanks to the implementation of a strategic investment fund dedicated to promoting global growth initiatives aligned with the ICC Global Growth Strategy.

"The success of our media rights and commercial programme for our next four-year cycle means we are able to invest more money than ever before into our sport," Barclay said. 

"All Members will receive a base distribution and then additional revenue will be in relation to contribution to the global game both on and off the field. This is by far the largest level of investment ever to go into cricket and it’s a once-in-a-generation opportunity for our Members to accelerate growth and engage more players and fans and drive competitiveness."

The ICC also extended support to member nations to create sustainable revenue streams and develop the game. 

New events that are coming up will now require a minimum of seven local players or Associate Member players. The organising Member will also pay a solidarity fee to the Home Board of a player.