Sport England players will share £12m if they win Euro 2020
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England's players will share bonuses worth up to £12million if they win the, but will not receive any of the money until autumn.
Under the terms of a £175mloan to help them mitigate the pandemic's impact, the FA are prohibited from paying any bonuses or dividends until the debt has been repaid, which will not be until September at the earliest.
opted to repay a £120m loan from the Bank of England early last month to give them greater flexibility in the transfer market.
But the FA have no plans to alter the terms of their loan, which was secured through the Government's Covid Corporate Financing Facility (CCFF).
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Sportsmail has learned that September is the earliest date the FA can repay the full loan without re-financing, with bonus payments on hold until next season.
The potential bonus pot is the biggest that has ever been available to England's players at a major tournament due to UEFA increasing their total prize fund to £393m, a 24 per cent rise on the 2016 tournament.
Prize money is paid incrementally depending on each nation's progress. The winners will receive a maximum of £30m if they win every group game.
Under terms of an agreement negotiated between the FA and England's leadership group, the governing body will keep 60 per cent of prize money, with 40 per cent paid to players in bonuses.
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All 24 competing nations have received £8.5m from UEFA for qualifying with further payments dependent on performances.
A group stage win is worth £1.3m, and the finalists will be competing for a prize of £8.6m having already earned £6.5m for reaching the final.
The £12m pot on offer to England's players averages out at £461,000 a man, which dwarfs the £217,000 they received in bonuses for reaching the World Cup semi-finals three years ago.
The players also receive match fees of £2,000 for each appearance which are donated to charity.
In addition, players will be handed appearance fees for commercial commitments worth tens of thousands of pounds.
Gareth Southgate will receive six-figure bonuses on top of his £3m salary linked to performance.
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