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The 32 teams competing in the Club World Cup this summer will be vying for as much as a $125 million first-place check from a $1 billion prize pool.

FIFA announced the financial incentives on Wednesday of the tournament scheduled to be played in June and July at venues around the United States.

FIFA president Gianni Infantino said in a statement, “The distribution model of the FIFA Club World Cup reflects the pinnacle of club football and represents the biggest-ever prize money for a football tournament comprising a seven-match group stage and playoff format with a potential payout of USD 125 million foreseen for the winners.

“In addition to the prize money for the participating teams, there is an unprecedented solidarity investment program where we have a target of an additional 250 million dollars being provided to club football across the world. This solidarity will undoubtedly provide a significant boost in our ongoing efforts in making football truly global.

“Not only that, but FIFA will neither retain any funding for this tournament, as all revenues will be distributed to club football, nor will it touch FIFA’s reserves, which are set aside for global football development through the 211 FIFA Member Associations.”

Clubs’ prize money will add up throughout the event, starting at $2 million per win and $1 million per draw in the group stage.

As teams progress through the tournament, they will receive an extra $7.5 million for reaching the round of 16, $13,125,000 for getting to the quarterfinals and $21 million for advancing to the semifinals. Spots in the final are worth another $30 million, and the championship adds an additional $40 million.

Additional participation incentives will be granted to the teams, starting as low as $3.58 million for the Oceania champion, Auckland City, and going as high as $38.19 million for the biggest teams from the European federation, UEFA.

Major League Soccer will be the Seattle Sounders and Inter Miami.

Matches will be played in Miami Gardens, Fla. (site of the opener between Inter Miami and Al Ahly of Egypt on June 14); East Rutherford, N.J. (site of the final on July 13); Pasadena, Calif.; Charlotte; Atlanta; Philadelphia; Seattle; Orlando; Nashville; Cincinnati and Washington.

Notable teams in field include Manchester City and Chelsea from England, Real Madrid and Atletico Madrid from Spain, Bayern Munich and Borussia Dortmund from Germany, Paris Saint-Germain, Inter Milan and Juventus from Italy, River Plate and Boca Juniors from Argentina and Flamengo, Palmeiras and Fluminese from Brazil.

–Field Level Media