The Champions Trophy prize pot will increase to $6.9m this year, a jump of 53% from 2017, with the winners receiving $2.24m, the International Cricket Council (ICC) announced on Friday.

Holders Pakistan will host an ICC showpiece event for the first time in 28 years. The eight-team quadrennial One-Day International (ODI) tournament kicks off on February 19 in Karachi and the final will be held on March 9.

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There will be 15 matches across Pakistan and Dubai, after India refused to travel to rivals Pakistan, instead agreeing to play their matches in the neutral Gulf city.

The runners-up will get $1.12m, and the losing semifinalists will be awarded $560,000 each. Teams that finished fifth or sixth will each earn $350,000 while the seventh and eighth-placed sides take home $140,000.

The 2021 edition of the Champions Trophy was scrapped by the ICC in 2016, which wanted only one major tournament in each of the sport’s three international formats, prioritising the 50-over World Cup. The decision was reversed in late 2021.

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The 2023 edition of the quadrennial 10-team ODI World Cup, won by Australia after they beat India in Gujarat, featured a larger number of group-stage and knockout matches and offered a $4m prize for the winning team from a pot of $10m.

Pakistan beat Australia in the final at Lord’s in London, United Kingdom, to claim the trophy when the tournament was last staged in 2017.