The first details about the V4 Future Sports Festival have been announced, with the event featuring a CS:GO tournament with €500,000 (~$597,000) on offer.

Hosted by Egymillióan a magyar esportért Egyesület (Association of One Million People for Hungarian Esports) with the support of the Hungarian Digital Wellness Program, V4 Future Sports Festival will take place from March 23-25 at Budapest's BOK Hall indoor arena, which will have a capacity of 6,000 people.

The unveiling ceremony and press conference took place in Budapest and was attended by Tamás Deutsch, a Member of the European Parliament (MEP), and by six-time Olympic medalist László Cseh.

Budapest will host an esports event with over $1 million in prizes

The event will feature a total prize pool of €1 million (~$1.19 million), with CS:GO taking the biggest chunk of the pie, while the rest of the money will be distributed among the other three tournaments (League of Legends, FIFA 18 and Clash Royale).

"The V4 Future Sports Festival will not only be the first new generation esports community hub in Hungary and in Central and Eastern Europe, but will also enable esports players and teams that are eager to develop, improve their skills and share their experience," said Balázs Biró, chairman of Egymillióan a magyar esportért Egyesület.

The event will be aimed at the V4 countries (Czech Republic, Slovakia, Hungary and Poland), from which four of the eight competing teams will hail, determined by online qualifiers. The other four teams will be invited by the event organisers and they will need to be tied to the V4 region in some way, HLTV.org has learned. This most likely means that at least one of the players from each of the invited teams will need to come from one of these four countries.

Registration for the online qualifiers is already open and can be done via ESL's website. The winner of the Polish and the Hungarian qualifiers and the top two teams of the Czech/Slovakian qualifier will earn spots at the V4 Future Sports Festival.

Below you can find the prize distribution for the event:

1. €200,000 (~$238,000)

2. €100,000 (~$119,000)

3-4. €50,000 (~$59,750)

5-8. €25,000 (~$29,870)