A record potential jackpot of £24million is on offer for the winner of the European Championship despite a small overall reduction in the prize pot due to Covid-19. England, Wales, Scotland and the other 21 qualified nations automatically get a minimum payment of £8m, but would need to win all their group matches to land the maximum amount. 

An initial budget for the tournament of £319m was reduced to £284.55m due to the delay in the tournament and the increased costs of hosting matches with reduced crowds.

However, plans for the Football Association to pass on a percentage of those winnings to the players as performance bonuses is complicated by a £175 million taxpayer-backed loan the governing body has taken out.

Whitehall sources have previously told Telegraph Sport the terms of the ultra-low-interest Bank of England loan prohibit the FA rewarding Gareth Southgate’s Euro 2020 squad while any of it remains outstanding. Telegraph Sport has been told the FA plans to repay the loan before player bonuses are due.

Eventual bonus figures would be likely be broadly in line with the last World Cup, when Southgate’s 23-man squad would have pocketed a maximum of £5m had they won the tournament.

The guaranteed qualifying fees for all nations were ring-fenced at a meeting of the nations last month, but Uefa proposals to reduce planned match bonuses and latter stage progress to offset pandemic costs were waved through.

Qualifying for the last-16 is now worth £1.29m, down from the original £1.72m, quarter-finalists will now receive an additional £2.15m, compared to the planned £2.8m, while reaching the semi-finals is worth an extra £3.44m, compared with £4.3m. The winners will now receive £6.88m, with the runners-up taking home £4.3m.

Going deep into the tournament would be a blessed relief for the FA, which last year announced the coronavirus crisis would force it to make 124 roles redundant – 15 per cent of its workforce – amid potential losses of about £300m.

Southgate, who was on a bonus of up to £1.5m at the World Cup, also took a 30 per cent pay cut as a result of the crisis.

Here is how the prize pot will be shared in the coming weeks for the qualifiers: 

  • Guaranteed group stage fee (per nation): £8m
  • Match bonus: £860,000 per win, £430,000 for a draw (down from planned respective funds of £1.29m and £645,000)
  • Last-16: £1.29m (down from £1.72m)
  • Quarter-final: £2.15m (down from £2.8m)   Semi-final: £3.44m (down from £4.3m)
  • Runner-up: £4.3m (down from £6m)
  • Winner: £6.9m (down from £8.61m)