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UEFA have announced a total prize fund of £2.3billion for the lucrative club competitions next season with Liverpool set for a major boost.

The Champions League, Europa League and Super Cup are estimated to generate almost £3billion in total revenues but UEFA's costs and 'solidarity payments' for clubs that fail to reach the group stages will add up to more than £600million.

That means clubs who compete in the Champions League and Super Cup will share more than £1.8billion while the remainder will be reserved for the Europa League.

It has been confirmed that Liverpool will earn just over £3million after reaching the Super Cup in Istanbul on August 14. The game against Chelsea will see the winners collecting an extra £900,000.

Half of the prize money is distributed on the basis of a club's performance in Europe over the last decade and how other clubs from the same country fare.

But if one of Chelsea, Liverpool, Manchester City or Spurs lift the Champions League trophy in Istanbul next May, they can expect to match the £100million or so the Reds earned last season for winning the competition for a sixth time.

By comparison, a Europa League win in Gdansk next spring would be worth about £35million to Arsenal, Manchester United or Wolves, the same amount Chelsea earned by beating Arsenal in Baku last season.

The prize money in the knock-out rounds ramps up from £8.5million for each club in the last 16, to £9.4million in the last eight, £10.8million in semi-finals, £13.5million in the final and an extra £3.6million to the winner.

30 per cent of the prize fund - £525million - is then handed out according to each club's record in Europe over the last 10 years.

This is done by dividing the pot into 'coefficient shares', with the top-ranked club, currently Real Madrid, getting 32 of these £1million shares and the 32nd-ranked club receiving one.

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Chelsea are currently England's best-ranked club in fifth place, with United sixth, Arsenal ninth, Liverpool 12th, City 14th and Spurs 21st.

The market pool allocation represents 15 per cent of the total prize fund but is based on even more variables than the performance coefficients, as each club's payment depends on how much money domestic broadcasters have paid UEFA for its rights and how far other teams from their country progress.