On Monday morning, Aussie football fans set the alarm clock staggeringly early, trundled out of bed and made their way to the TV for the Euro 2024 final. One long month of games had led to a tantalising match-up between the traditional gatekeepers England and a Spanish team looking to end a fairytale run. The nailbiting encounter, held at Olympiastadion Berlin in Germany, seesawed over two action-packed halves, however, it was the power of the Spanish team that secured a famous victory, defeating England 2-1.
Real Sociedad forward Mikel Oyarzabal was the hero behind the triumph, nabbing a crucial goal in the 86th minute after coming on to replace captain Alvaro Morata. For England, it was a bitter, albeit familiar, pill to swallow. Gareth Southgate’s team has fallen agonisingly short of claiming a Euro championship for years, with 2024 marking another ‘close but no cigar’ call. Spain, on the other hand, can’t stop winning.
While championship glory and the opportunity to raise the coveted trophy may well be praise enough for the Spanish team, they won’t go home empty-handed. According to reports, the Euro prize money has hit staggering highs this year, with the total prize pool nudging €331 million (AUD$532 million). While this is split between all 24 participating teams, a large chunk of that cash is reserved for the champions.
How Much Money Do the Euro 2024 Champions Earn?
As mentioned, governing football body, UEFA, has confirmed that the Euro 2024 total prize pool is a whopping €331 million (AUD$532 million). That figure is the same as the total prize money from the pandemic-impacted 2020 event; however, it remains a staggering 20 times higher than the prize fund for the women’s Euro 2022.
Under the current format, all 24 teams competing at the 2024 Euros receive some portion of the total prize pool, with each round representing an increase in value. For example, a Group Stage Win netted the team a total of €1 million (AUD$1.61 million), while progressing to the Round of 16 Qualification secured €1.5 million (AUD$2.41 million) in prize money. As a result, the maximum amount that a team could have earned at the Euro 2024 tournament is €28.25 million (AUD$ 45.43 million); however, that would have required effectively a clean sweep of every round.
In addition to the team’s round-by-round incentives, this year’s winner, Spain, pocketed a cool €8 million (AUD$12.86 million) as a championship bonus, while tournament runners-up, England, snagged €5 million (AUD$8.04 million) for making the final.
Euro 2024 Prize Money Breakdown
Each team competing at the Euro 2024 tournament is allocated a portion of the total prize money by UEFA, depending on where they finish up. The participation fee is €9.25 million (AUD$14.87 million) and is largely controlled by each country’s governing organisation. Additionally, the winner receives €8 million (AUD$12.86 million) in bonuses, a significant sum of which is reserved for player payouts. Here is a full breakdown of the Euro 2024 prize money, as reported by Business Standard.
- Winner – €8 million (AUD$12.86 million)
- Runner-Up – €5 million (AUD$8.04 million)
- Semifinal Qualification – €4 million (AUD$6.43 million)
- Quarterfinal Qualification – €2.5 million (AUD$4.02 million)
- Round of 16 Qualification – €1.5 million (ADU$2.4 million)
- Group Stage Draw – €500,000 (ADU$804,000)
- Group Stage Win – €1 million (AUD$1.61 million)
- Participation Fee – €9.25 million (AUD$14.87 million)
Spain’s Prize Money
With a Euro 2024 championship now under their belts, each member of the Spanish national team is reportedly £300,000 (AUD$482,000) richer. According to The Sun, every member of Spain’s 26-man squad, alongside coach De La Fuente, secured a €364,516 (AUD$586,138) bonus for winning the title, marking the biggest payout in the national team’s history.
The figure comes by way of the Royal Spanish Football Federation (RFEF), which secured €28.25 million (AUD$45.43 million) from UEFA for the 100 per cent winning record at the tournament. Under an agreement that was championed by Manchester City star Rodri and La Roja captain Alvaro Morata, a total of €11.3 million (AUD$18.17 million) or 40 per cent of the prize pool was divided up amongst the squad in bonuses. Had Spain lost the final, they would still have received €25.25 million (AUD$40.6 million) from UEFA.
England Misses a Payday
For England, the Euro 2024 finals loss is heartbreaking for two reasons. Not only did the national team fail to bring home the championship, they also missed out on an enormous payday. According to The Sun, the English Football Association was expected to award the players a bonus of £24 million (AUD$46 million) if they were able to claim the Euro 2024 title.
Remarkably, England FA pulled the trigger on Three Lions boss Gareth Southgate’s compensation prior to the result. The federation reportedly handed him a whopping £4 million (AUD$7.67 million) bonus just for reaching the final, a figure that would have doubled had they managed to hold on for victory.
Looking Forward
With the tournament now over, attention turns to the upcoming Paris 2024 Olympic Games. Spain will be looking to maintain its current European dominance; however, it will have to come up against the biggest names in South American football. With Brazil keen to make a statement this year and Gareth Southgate’s men looking for redemption, the international tournament looks primed for the history books. One thing is for certain, however, the Olympic medallists won’t be earning the same amount for snaring gold.
