Hyderabad (PTI): The Indian Cricket league on Tuesday announced a whopping Rs 3.24 crore prize money for its upcoming ICL 20s World Series 2008 beginning here on Wednesday.

The winners of this tournament will pocket Rs 1.25 crores, the runner-up will get richer by Rs 75 lakhs and the third placed side will receive Rs 50 lakhs.

In the league stage, every win will fetch Rs 10 lakh, resulting in a total prize money of Rs 60 lakh at the league stage itself.

"It is a fulfilling experience to see the ICL make rapid strides in terms of growing bigger and better in only its first year of operations. Multiple venues, additional teams, an improved player base and to top it all, a very impressive prize money to be won, should make the tournament an enthralling experience for both the players and cricket fans," ICL Executive Board member Kiran More said.

Captain of the ICL Pakistan side Inzamam-ul-Haq asserted his team was the favourite to lift the title.

"Matches will be competitive and we will definitely try to win the series," he said.