The overall prize pot has also gone up to $3.5million (£2.58 million/€3.07 million) - a 75 per cent increase from the previous edition of the 50-over tournament in 2017.

The World Cup, set to be held in New Zealand from March 4 to April 3, will offer $600,000 (£440,000/€530,000) for the runners-up and the losing semi-finalists will receive $300,000 (£220,000/€260,000) per team.

Teams who exit the tournament in the group stage are set to benefit from a $70,000 (£50,000/€ 60,000) cash prize and each team will bag $25,000 (£18,000/€22,000) for every group-stage victory.

The World Cup had initially been scheduled in 2021, but it was delayed by 12 months because of the coronavirus crisis.

Australia, Bangladesh, England, India, New Zealand, Pakistan, South Africa and the West Indies will play each other once in the round-robin group stage.

A total of 28 group-stage games are scheduled to be played, with the winning team earning two points while a tie or no result will fetch one point.  

The four teams with the most points will qualify for the semi-finals.

England have won the World Cup every time they have hosted the event, including 2017, and also emerged victorious in Australia in 2009.

However, with six trophies won out of a possible 11, Australia are the most successful team in the history of the tournament. 

New Zealand - this year's hosts - are the only other team to have lifted the trophy, back in 2000.

Bangladesh will be making their 50-over World Cup debut while India and the West Indies are the only other teams to have featured in a final.