ICC announces equal prize for men's and women's teams at all its events

“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,” Barclay added.

Meanwhile, Jay Shah, BCCI Secretary and Asian Cricket Council President, said it is a "start of a new dawn. An era of equality & empowerment."

He also said it is "a major step towards gender parity & inclusivity" and an "important endeavour".

Jay Shah tweeted, "Start of a new dawn. An ear of equality & empowerment. I am thrilled to announce that a major step towards gender parity & inclusivity has been undertaken. The prize money at all @ICC events will be same for men & women. Together we grow. I thank the fellow Board members for their support in helping achieve this important endeavour. Let’s work towards a future where cricket continues to thrive across the globe."

ICC also said each of its members will receive substantial increases in funding, due to the establishment of a strategic investment fund aimed at supporting global growth efforts in line with its Global Growth Strategy.

"The success of our media rights and commercial programme for our next four-year cycle means we are able to invest more money than ever before into our sport," Barclay said.

"All Members will receive a base distribution and then additional revenue will be in relation to contribution to the global game both on and off the field. This is by far the largest level of investment ever to go into cricket and it’s a once-in-a-generation opportunity for our Members to accelerate growth and engage more players and fans and drive competitiveness," Barclay said.

Also Read: Equal match fee for women and men cricketers: BCCI announces historic move

Changes to over-rate sanctions

The Chief Executives' Committee has approved changes to the over-rate fines in Test cricket to find a balance between the necessity of preserving over-rates and ensuring equitable compensation for players.

Effective at the start of the current World Test Championship cycle, players will be subject to a fine equal to 5% of their match fee for every over that falls short, with a maximum penalty set at 50%.

Notably, regardless of any potential delays, no over-rate penalty will be imposed if a team is bowled out before the 80-over mark and the new ball is not yet due. The current cutoff point of 60 overs is repealed by this change.

“The ICC World Test Championship has injected renewed energy into Test cricket giving it compelling context," ICC Men’s Cricket Committee Chair Sourav Ganguly said.