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Chelsea and Man City could be set for incredible windfall as FIFA offer $1BILLION in prize money for inaugural 32-team Club World Cup

The new FIFA Club World Cup will reportedly put a $1billion (£777million) prize money on offer.

Manchester City and Chelsea are among the 32 teams who will battle it out at the rebranded competition in the United States this summer.

It is a radically redesigned tournament, spearheaded by controversial FIFA president Gianni Infantino, and in December DAZN landed a $1bn TV rights deal for it.

The Club World Cup has typically been viewed as a minor affair for European clubs and fans, but FIFA wants it to be 'the football event of the year'.