The eight franchises in the Indian Premier League will be allotted Rs 250 crore annually by the Board of Control for Cricket in India from the central revenue of the cash-rich tournament, Mumbai Mirror reported.

The amount in four times higher that what was the practice in the previous years. Since the inception of the league, teams have been entitled to Rs 60 crore a year, the report added.

The hike follows the Rs 16,347 crore media rights deal the BCCI reached with Star Sports for a five-year period last year. The new rights deal will see BCCI receive close to Rs 3200 crore per season. The board used to receive Rs 800 crore a year from Sony, the previous broadcast partner.

The BCCI is set to earn a windfall from the IPL in the coming few years having already struck a sponsorship deal with Vivo worth Rs 2000 crore.

From this year onwards, the franchisees are expected to pay the board 20% of their annual income, the report stated.