FIFA promised $1 billion in total prize money Wednesday to the 32 teams playing at the men’s Club World Cup in the United States. The long-awaited confirmation just over three months before the opening game in Miami follows a broadcast deal belatedly being agreed with streaming service DAZN backed by Saudi Arabian money.

A $1 billion prize pool will be shared among participating teams in this summer’s FIFA Club World Cup, the soccer governing body announced Wednesday.

The prize money for this year's 32-team Club World Cup to be held in the U.S. between June 14-July 13 will be $1 billion, soccer's governing body FIFA said on Wednesday. With $2 billion expected in revenues,