The Confederation of African Football (CAF) on Wednesday, launched the Africa Super League.
The Super League has a prize money of $100million for participating teams.
CAF inaugurated the new African inter-club competition at a meeting in Arusha, Tanzania.
The project has been in the works since it was mooted by Gianni Infantino, FIFA president, in 2020.
CAF announced that the African Super League will be operated on a budget of $200 million and will kick off in August 2023.
Half of the budget will be split between the 24 participating clubs, with each team guaranteed a minimum of $2.5 million and the winner gets $11.6 million.
The money is over five times the $2.5 million awarded to the winners of the CAF Champions League.
CAF added that each of its 54 member associations would receive $1 million annually, while $50 million would be set aside for women’s football and youth development.