Dubai, May 26 (IANS): With India and Australia set to face off in the ICC World Test Championship Final 2023 next month, the International Cricket Council on Friday announced that the winner of the competition will take home a winners' prize fund $1.6 million (approx 13.21 crore).

The ICC informed on Friday that the big prize money will be the major incentive for both teams other than the crowning glory in the longest format of the game. The losing finalists will pocket $800,000 (Rs 6.50 crore). The championship decider will be played at The Oval, London from 7 to 11 June with 12 June as the reserve day.

The tournament prize money is the same as that for the inaugural edition of the championship -- ICC World Test Championship 2019-21 -- a total purse of $3.8 million, the ICC informed on Friday.

The Kane Williamson-led New Zealand side was rewarded with $1.6 million besides the glittering Mace in Southampton two years ago courtesy of an eight-wicket win over India in the six-day final.

All nine participants of the ICC World Test Championship 2021-23 will get a share in the $3.8 million purse. South Africa have earned $450,000 by finishing third in the ICC World Test Championship 2021-23 standings.

England, who made a late resurgence in the two-year cycle with an aggressive playing style, ended up fourth on the table and will gain a reward of $350,000.

Sri Lanka, who were in the running for a place in the final before their series defeat in New Zealand, dropped down to the fifth spot. Their prize money share is $200,000.

Sixth-placed New Zealand, seventh-placed Pakistan, eighth-placed West Indies and ninth-placed Bangladesh will be given $100,000 each.