ICC announces equal prize money for men’s and women’s teams at ICC events

Dubai [UAE], July 13 : The International Cricket Council (ICC) on Thursday 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.
"The decision was taken at the ICC Annual Conference in Durban, South Africa and ensures the ICC Board fulfilled its commitment to reaching prize money equity by 2030 well ahead of schedule," ICC said in an official statement. 
Teams will now receive equal prize money for the equivalent finishing position at comparable events as well as the same amount for winning a match at those events.
The ICC from the next cycle will award the same prize money to men's and women's champions and runners-up teams at its global events.
“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. 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," ICC Chair Greg Barclay was quoted as saying in a statement released by ICC. 
“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," he added. 
The ICC Board also confirmed the largest ever investment into the sport after the distribution model for the next four years was agreed upon. Every ICC Member will receive significantly enhanced funding with a strategic investment fund ring-fenced to drive global growth initiatives in line with the ICC Global Growth Strategy. 
"The champions and runners-up of the ICC Women's T20 World Cup 2020 and 2023 won USD 1 million and USD 500,000, respectively, a fivefold increase over the sum awarded in 2018," ICC statement further reads.
"The prize money for the ICC Women's Cricket World Cup 2022 has been increased to USD 3.5 million, up from USD 2 million for winning the 2017 edition in England," it aded.
The Chief Executives' Committee has approved changes to Test cricket's over-rate fines in order to achieve a balance between the necessity of preserving over-rates and providing equitable compensation for players.
Under the new rules, which will take effect at the start of the current World Test Championship cycle, players will be fined 5 per cent of their match fee for each over that falls short, with a maximum penalty of 50 per cent.
Notably, if a side is bowled out before reaching the 80-over mark and the new ball has not yet been delivered, there will be no over-rate penalty enforced, regardless of any prospective delays. This amendment replaces the previous requirement of 60 overs.
“The ICC World Test Championship has injected renewed energy into Test cricket giving it compelling context," ICC Men’s Cricket Committee Sourav Ganguly said in an official statement released by ICC.
"In the last edition we only had 12 draws in 69 matches, and we want to ensure that trend continues whilst we’re giving fans the best value for money and keeping over-rates up. The Men’s Cricket Committee felt strongly that over-rate penalties in the form of WTC points deductions should remain but recommended that players should not have 100 per cent of their match fee at risk. We believe this provides a balance between maintaining over-rates and ensuring we are not deterring players from playing Test cricket," he added.