The Board of Control for Cricket in India announced that the prize money for the Twenty20 league DLF Indian Premier League (IPL) will be Rs 12 crore.

The league chairman and commissioner Lalit Modi also announced that the winning team of the inaugural DLF Indian Premier League will earn the top prize of Rs 4.8 crore. The runners-up will earn Rs 2.4 crore, while the two losing semi-finalists will each earn Rs 1.2 crore for their efforts.

The total prize money will then further be divided among the other teams with the team finishing fifth collecting Rs 80 lakh, while the sixth place will earn Rs 70 lakh. The team finishing seventh on the league table will get Rs 50 lakh while the eighth place will earn Rs 40 lakh.

Lalit Modi said, "The Rs 4.8 crore winners’ purse makes the DLF IPL truly one of the richest events for a domestic Twenty20 league anywhere in the world. With just a few days left until the first ball is bowled in Bangalore the excitement is almost palpable and India, as indeed cricket lovers across the world cannot wait to see who will emerge the victor on June 1, 2008. May the best team win."
 

The league will begin on April 18 and will host 59 matches over 44 days. The first match will be played between Shah Rukh Khan's Kolkata Knight Riders and Vijay Mallya's Bangalore Royal Challengers at the Chinnaswamy Stadium in Bangalore.