India and New Zealand will battle it out for the prestigious title at Southampton on June 18.
“The winners of the much-awaited ICC World Test Championship (WTC) Final between India and New Zealand will take home a purse of $1.6 million along with the ICC Test Championship Mace,” an ICC statement read.
“The losing team will get $800,000 for finishing second in the nine-team competition, which was played over a near two-year cycle, adding context to Test cricket and to crown the first official world champions in the longest format of the game.”
The governing body said that the team finishing third among the nine competition nations will get a $450,000 cheque, while the prize money for the fourth-placed team will be $350,000.
“… the one that finishes fifth gets $200,000 while the remaining four teams will get $100,000 each,” it said.
The inaugural World Test Championships saw nine teams competing over a near two-year cycle to add context to Test cricket.
The team claiming the inaugural world champions title in the longest format of the game will get the Test Mace, which was previously given to teams topping the ICC Men’s Test Team Rankings.
“In case the final ends in a draw or a tie, the finalists will split the prize money for the first and second places and share possession of the Mace during the time they remain champions,” the ICC said.