The Confederation of African Football (CAF) has announced a significant 166 percent improvement in prize money for its flagship competition, the Africa Cup of Nations, as well as other competitions in its kitty.
From 2017, the winner of the AFCON title in Gabon will take home $4 million, a significant increase on the previous $1.5m prize money.
This comes as part of the new deal that CAF reached with French multinational oil group Total in July which allowed the petroleum giant to take over the sponsorship of all 10 events run by the governing body.
Despite not releasing the details of the deal on July 21, it issued this statement announcing the sponsorship: “The Confederation of African Football (CAF) and Total reached an agreement today under which the Group will become the official sponsor of African football for the next eight years.”
The increase in prize money would not only be for the winners but for all teams involved in the Afcon. Runners up will now receive $2 million, a 100 percent increase; semi-finalists bag $1.5m, up from $750,000, and quarter-finalists pocket $800,000, $200,000 more than in the past.
There’s greater incentive to participate in the competition now with third-place finishers in the group stage set to get $575,000, up from $500,000, while bottom-placed sides would now receive $475,000, an increase from $400,000.
The overall spend on prize money goes up from $10 million to $16.4 million for the Afcon.
CAF also announced that the winners of the Champions League will get $2.5million, up from $1.5m, while the Confederation Cup prize money will become $1.25m, up from $660,000.
The other youth and women’s competitions have also had their prize money increased.