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England’s squad will land a whopping win bonus of £12million if they win this summer’s European Championships.

Gareth Southgate’s side are among the favourites to lift Euro 2020 this summer and each player will now have the further incentive of not only the prestige of lifting the nation’s first major title since 1996 but also a personal win bonus of £461k each.

The sum of the team bonus is over £3million more than the equivalent for winning the World Cup three years ago, while UEFA’s prize fund has increased by 24 percent in total since Euro 2016.

Players of the Three Lions are paid each time they represent their national side – a sum of £2k – but currently donate those fees to charity.

England players would share a pot of £12million for winning Euro 2020
(Image: PA)

However, as outlined by the Mail, that money would not become available until the Autumn due to the terms of a £175m Bank of England loan with the FA – which helped them cover the costs of the pandemic.

That means that the FA – who will receive the total payment from UEFA – will be unable to pay any dividends or bonuses until that loan has been fully repaid, which will not be until at least September.

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The FA secured their loan through the Government's Covid Corporate Financing Facility (CCFF) and they are understood to have no plans to re-finance the agreement at this stage.

The entire prize pot for the tournament on offer from UEFA – European football’s governing body – will be £393million, the highest ever for a major tournament finals.

The maximum that any one nation can receive is £30million – which would be a scenario in which the winners also win every group game – but the governing body would retain 60 percent of the fee, with 40 percent going to the players.

Having received £217k each for reaching the semi-finals of the World Cup three years ago, it is little wonder that the £461k individual prize pot will be viewed as a significant incentive.

Three Lions boss Gareth Southgate, whose annual salary with the FA stands at £3million, will be entitled to a six-figure bonus linked to his side’s performance in the tournament.

England are among the favourites for this summer’s tournament and are expected to go far into the tournament – which they have never previously tasted success in.

Can England win Euro 2020? Comment below

Their group stage kicks off on Saturday with a repeat meeting against Croatia – who eliminated them in the semi-finals of the World Cup in 2018 – before facing Scotland and Czech Republic in their remaining group fixtures.

However, fans will no doubt be wary of the pitfalls in the tournament and will still have memories of their shock elimination to Iceland at the Round of 16 stage five years ago.

England finalised their preparations for the tournament last week with 1-0 victories over both Austria and Romania in friendly matches.