The ninth edition of the ICC Men’s T20 World Cup will see the winners of the 20-team tournament earn $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 June 29.

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

“This event is historic in so many ways so it is fitting that the prize money for players reflects that,” said ICC CEO Geoff Allardice in a statement.

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.

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.