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Xtra Time Web Desk: 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, the International Cricket Council announced today.

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 prize money for the team finishing third in the ICC World Test Championship Standings Powered by MRF Tyres is $ 450,000. The team fourth on the table will be awarded $ 350,000, the one that finishes fifth gets $ 200,000 while the remaining four teams will get $ 100,000 each.

The Test Mace, previously given to teams topping the MRF Tyres ICC Men’s Test Team Rankings will now be given to the WTC winners. 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.

A silver gilt laurel band spirals up the shaft of the mace – the shaft itself styled as a stump – a reference to the all-important wicket.