Paris, France  (AFP)—FIFA on Wednesday announced it will pay total prize money of one billion dollars to participants in the Club World Cup taking place in the United States this year.

The figure is significantly more than the prize money offered for either the last men’s or women’s World Cups.

World football’s governing body has given few details about the funding of the first edition of the 32-team tournament that will take place every four years but it has signed up a broadcaster and major sponsors in recent weeks.

In a statement confirming the prize money on offer, FIFA said it expected to generate $2 billion in revenues from the expanded Club World Cup. It also confirmed that a women’s edition will take place from 2028.

“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.”

British streaming service DAZN was awarded the exclusive global rights to the June 14-July 13 tournament in December with a source close to the negotiations saying the contract was worth around one billion euros ($1.05 billion).

FIFA has also signed sponsorship contracts with Coca-Cola, Bank of America, Chinese electronics brand Hisense and Belgian brewers AB InBev.

By comparison the total prize money for the 2022 men’s World Cup in Qatar was $440 million, while for the 2023 Women’s World Cup in New Zealand and Australia it was $110 million.

This season’s UEFA Champions League, with a new 36-club format, will pay a total 2.47 billion euros ($2.66 billion) to the clubs involved.