English cricket’s new competition – The Hundred will see the equal prize money for both men’s and women’s competitions and the news was confirmed by the England and Wales Cricket Board on Wednesday. The ECB said that they have set a total prize budget of £600,000 ($769,000, 689,000 euros) which will be divided equally between the women’s and men’s competitions as part of the governing body’s “commitment to making cricket a gender-balanced sport”.

The Hundred is a new franchise based tournament which consists of eight city-based franchise sides, replacing England’s traditional formats. Each team will bat for 100 balls each where the overs will be of 10 balls and bowlers either bowling five or 10 balls on a row. Both men’s and women’s competitions will be played side by side.

“This is a great announcement for women’s sport,” said England captain Heather Knight, who will captain the London Spirit in the Hundred.

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“Women’s professional cricket is on an exciting journey and whilst there is still a way to go to realise gender-parity, this move from the Hundred is a significant step in the right direction,” added Knight, who has led England to the semi-finals of the ongoing ICC Twenty20 World Cup in Australia. “We’re all really excited about playing in the new competition and hopefully inspiring more young girls and boys to pick up a bat and ball.”

Beth Barrett-Wild, the head of the Hundred’s women’s competition, told: “The ECB is committed to transforming women’s and girls’ cricket, from inspiring young girls to pick up a bat for the first time, through to establishing the women’s game as a professional career option.

“This announcement today represents one signal of intent towards that commitment,” she further added.

The ECB are hopeful of the Hundred that will attract a lot of people and also be beneficial for a long-term future. But the critics have raised some questions on this in-between a tight schedule of men’s. This year’s inaugural edition of the Hundred will be played from July 17 to August 15.