Whopping Prize Pool for FIFA World Cup

July 14 - Thirty two teams qualified to play in the World Cup in South Africa. They promised to represent their countries with world class performance for a thrilling competition.

FIFA set aside total prize money of $420 million to be awarded amongst the teams, according to their performance and overall results of the competition. The amount of $420 million has been supplanted with a 60% increase - far more than the total prize money was at the 2006 FIFA World Cup.

Sepp Blatter, President of FIFA, reported on the outcome of the 24-man executive meeting that took place at Robben Island in South Africa.

He announced that the organization decided to award the winners of the championship with a cash reward of $30 million and to award the runners up with a cash reward of $20 million each.

Jerome Valcke, the General Secretary of FIFA announced that the top football clubs of the world will be awarded a sum of $40 million. The sum will be divided between the clubs whose players participated in the 2010 FIFA World Cup.

The aim of this large sum of money that is being shared out between the clubs is to compensate the clubs for the high insurance and other expenses that had been incurred by the clubs.

Valcke stated: "Every club which has a player at the World Cup will receive $1,600 per day, per player."

He said that the money would be paid to the clubs for 15 days before the tournament even began and for a day after the end of the tournament. In addition, each of the 32 teams to participate in the World Cup was paid $1 million before the beginning of the tournament.