The prize money for this year's 32-team Club World Cup to be held in the U.S. between June 14-July 13 will be $1 billion, ESPN reported citing FIFA.

FIFA called the $1 billion distributed to participating clubs a "new benchmark for global club football."

With $2 billion expected in revenues, FIFA reserves will remain untouched and some of the money generated will also be dedicated to club football around the world, FIFA president Gianni Infantino added in a statement.

"FIFA will not keep a single dollar," he said.

The tournament, featuring top teams from around the world, will be held in 12 stadiums around the U.S. and serve as a dress rehearsal for the 2026 World Cup co-hosted by the U.S., Mexico and Canada.

Among the powerhouse clubs in the field are Real Madrid, Bayern Munich, Paris Saint-Germain, Chelsea, Borussia Dortmund and Lionel Messi's Inter Miami. There's also the four highest-ranked teams from South America: Flamengo, Palmeiras, River Plate and Fluminense.

Messi and Miami will open the tournament against Al Ahly at Hard Rock Stadium on June 14.