announced on Friday (Dec 11) that there will be a substantial increase in prize money for the nations competing at the Euro 2016 finals in France.

Ahead of Saturday’s draw in Paris for the first ever 24-team finals, European football’s governing body said the total prize fund had gone up to €301 million (£217.5m; US$331m) from the €196 million shared by the 16 nations at the 2012 finals in Poland and Ukraine.

Every competing nation will receive €8 million just for taking part, with performance bonuses of €1 million for a win and €500,000 for a draw in the group stage.

After that, teams reaching the knockout phase will each get €1.5 million in the last 16, €2.5 million for reaching the quarter-finals and an extra four million euros for getting to the semi-finals.

For the final, which will be played at the Stade de France on July 10, the winners will receive eight million euros while the runners-up will pocked five million.

“This means that, if the winners of the title have also won all three of their group matches, the total prize money they earn will amount to €27 million, compared with €23.5 million in 2012,” said a UEFA statement.

Source AFP