Salvador (Brazil), Dec 6 (IANS): The 2014 World Cup champions will receive $35 million in prize money, world football's governing body FIFA announced here Thursday.

The value represents a 17 percent increase in the prize money handed to Spain for winning the 2010 tournament in South Africa, reports Xinhua.

FIFA will award the second placed side $25 million while the third will receive $22 million.

Each of the tournament's 32 teams will receive $1.5 million before the tournament begins to help cover their preparation costs.

Another $70 million have been set aside for indemnity payments to clubs who will be without their players during the month-long tournament.

In addition, FIFA has pledged $100 million to a legacy fund for the Brazilian government.

World Cup prize money:

Winners - $35 million

Second - $25 million

Third - $22 million

Fourth - $20 million

Quarterfinals - $14 million

Round of 16 - $9 million

Group phase - $8 million