Expanded Club World Cup to feature $1bn prize pot

Manchester City and Chelsea are set to receive a share of a $1bn (€930m) prize fund for competing in this summer's Club World Cup.

Organisers FIFA announced details of what will be the largest prize pot in club football for the newly-expanded 32-team tournament.

As well as committing $1bn for the teams participating, FIFA is understood to be setting aside an additional $100m for solidarity payments to clubs who have not qualified.

"The FIFA Club World Cup will not only be the pinnacle of club football, but also a vivid demonstration of solidarity that will benefit clubs at large to a scale that no other competition has ever done," said FIFA president Gianni Infantino.

"All revenue generated by the tournament will be distributed to the participating clubs and via club solidarity across the world as FIFA will not keep a single dollar. FIFA’s reserves, which are there for global football development, will remain untouched."

The revamped Club World Cup will take place in the United States, beginning on 14 June and running until 13 July.

City and Chelsea will be involved as a result of their Champions League successes in 2023 and 2021 respectively.

Other notable European teams to feature include Real Madrid, Bayern Munich, Paris St Germain, Inter Milan, Juventus and Atletico Madrid.

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It is not yet clear how much clubs will receive for their participation but it will be a significant windfall.

The funds have been guaranteed after a broadcasting deal was reached with streaming platform DAZN