AFC Cup 2016
Iraq's Air Force Club won the AFC Cup 2016 Reuters

The Asian Football Confederation (AFC) has announced on 7 December, Thursday that they will increase the prize money for the winners of AFC Champions League and AFC Cup.

The AFC Champions League winners in 2018 will receive $4 million, up from $3 million while the club that lifts the AFC Cup will pick up $1.5 million instead of $1 million dollars.

The Asian football governing body said its Champions League is second only to the European club competitions in terms of prize money. In addition to the $1 million increase for the winner, the runners-up will get $2 million after a $500,000 increase.

AFC General Secretary Windsor John said there is increased prize money at every stage in the AFC Champions League, while the AFC Cup sees significant increases for the winners and the finalists.

"The AFC has always looked to reward success and we are also dedicated to growing our competitions. Now we believe that in 2018 the incentive to win our two main club competitions will be greater than ever," he said.