MELBOURNE, AUSTRALIA - JANUARY 09: Glenn Maxwell of the Stars bats during the Big Bash League match between the Melbourne Stars and the Adelaide Strikers at the Melbourne Cricket Ground on January 9, 2014 in Melbourne, Australia. (Photo by Robert Cianflone/Getty Images)

Following the demise of the lucrative Champions League Twenty20 tournament, Cricket Australia has today announced an increased prize pool for the four finalists of this summer's KFC Big Bash League competition.

A total of $890,000, up from $290,000 last summer, will be split between fifth place ($20,000) the losing semi-finalists ($80,000 each), runners-up ($260,000) and winner, with the champions taking home the largest slice of the pie worth $450,000.

However, the cash injection will not be shared among the players.

The additional $600,000 will go to successful clubs and not their players, who will share the same prize money from last season.

The winning club will take home $300,000, the runners-up $200,000 and the semi-finalists $50,000 each, and while that is a huge amount, it pales in comparison to the financial windfall of taking out the now defunct CLT20.