An incredible $US 5 million is the total prize money up for grabs - with the 2003 World Cup champions set to earn $US2 million for winning the final in addition to all the money they accumulate in the earlier matches.
The prize money will be paid jointly by the International Cricket Council and United Cricket Board of South Africa.
Dr Ali Bacher, executive director of the 2003 ICC Cricket World Cup organising committee, explained that the marked increase in prize money from $1 million at the last World Cup was due to substantially increased money flowing into this tournament through its sponsors plus a wish to adequately reward successful teams in line with global sporting trends.
"The players are the key," said Dr Bacher. "The game is about them. It is therefore logical from our side to substantially increase the rewards to benefit those teams who excel at the highest level of the game. We also believe that this prize money will be a major motivational factor for all the competing teams."
ICC Chief Executive Officer Malcolm Speed said the council was pleased to have increased the prize money to such a significant level.
"But we are sure the teams taking part will strive to win the title irrespective of the prize money at stake. In any case, the participants will benefit one way or the other as there will be prize money for the taking at each level of the tournament."
In order to arrive at an acceptable breakdown of prize money, senior captains of the competing nations were asked for their input and recommendations.
A perceived disparity between the winners and runners-up cheques, $2 million against $800,000 was simply explained by Dr Bacher. "Winning is everything," he said.
1 The World Cup in South Africa begins with the Opening Ceremony at Newlands in Cape Town on 8th February 2003, the night before the opening game between South Africa and West Indies at the same venue.
The final will take place on 23 March 2003 at the Wanderers in Johannesburg.
PRIZE MONEY BREAKDOWN (Approx US$)
Winner: $2,000,000
Runner-up: $800,000
Losing Semifinalists: $400,000
5th Placed team: $150,000
6th Placed team: $80,000
SUPER SIX MATCHES (9 in all)
Winners: $40 000
Losers: $20 000
GROUP MATCHES (42 in all)
Winners: $10,000 each
Losers: $5,000 each*
* Even if a team lose all of its six pool matches, it will still earn $30,000 in prize money.
