The event, scheduled for on October 29, will see the participation of as many as 35 boat race teams including women groups from Kannur and Kasargod districts, in various categories.
The Nehru Trophy Boat Race Society (NTBRS) has yet to receive the sum though the grant was passed last week.
State Tourism department is the organisors of the IPL model CBL boat races.
V.N. Vasavan, Minister for Cooperation, will inaugurate the Champions Boat League race at 2 pm on Saturday.
The event was held in the Kottapuram backwaters near Kodungallur in Thrissur.
Tourism Minister P A Mohammed Riyas inaugurated the annual regatta, modelled after the Indian Premier League (IPL), online from Kozhikode.
As many as 48 snake boats participated in the race held in two categories.
Four people who went missing were rescued.
The procession of Palliyodams in the water stadium in Pampa will begin at 1 pm. The finals are expected around 4 pm.
The event is scheduled from September 16 to December 2.