EPFL welcomes Champions League prize money increase

(Reuters) - UEFA's decision to increase Champions League prize money has been welcomed by the European Professional Football Leagues (EPFL) association, which described it as a "wise decision".

UEFA announced on Monday that a new financial distribution system had been agreed for clubs competing in the Champions League and second tier Europa League from 2015-18.

The governing body is due to present details of the agreement on March 31, but media reports said clubs would share 2.24 billion euros (1.63 billion pounds) with teams qualifying for the Champions League splitting 1.2 billion euros each season.

The 32 teams who qualify for the group stages currently share around 900 million euros.

“The European Professional Football Leagues congratulate UEFA on this important step for a more sustainable future of European club football," EPFL general secretary Georg Pangl said in a statement on Friday.

"Personally, I am grateful to UEFA president Michel Platini and general secretary Gianni Infantino for this wise decision."

(Reporting by Toby Davis; editing by Ed Osmond)