KUALA LUMPUR, Malaysia (AP) — The Asian Champions League will be rebranded in 2024 with fewer teams and a three-fold increase in prize money for the winner.

A 24-team AFC Champions League Elite will start in the 2024-25 season and award $12 million to the winner, the Asian Football Confederation said Monday.

The prize money for the winner is $4 million this season, with 40 teams entering a group stage that is split between east and west regions. The teams include the past two champions of Saudi Arabia, Al Ittihad and Al Hilal. Al Ittihad has signed Karim Benzema and Al Hilal is closing in on a deal for Neymar.

A second-tier competition for 32 teams will be called the AFC Champions League 2 instead of the AFC Cup. A 20-team, third-tier AFC Challenge League also will be launched, the AFC said.

Invitations to enter clubs in the inaugural AFC Women’s Champions League next season will also be sent to the 47 member federations, the governing body said.

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