The Asian Football Confederation (AFC) announced an increase of prize money on Thursday of the upcoming 2016 AFC Champions League season.

The 2016 Champions League winner's prize money will double from 1.5 million U.S. dollars to 3 million dollars. The award for the runners-up will also double to 1.5 million dollars. The semi-finalists will receive 200,000 dollars, up from 120,000 dollars.

AFC also increased the prize money for AFC Cup, its lower level competitions. The 2016 AFC Cup cash for the winners will rise from 350,000 dollars in 2015 to 1 million dollars in 2016.

The increases are being introduced after approval from the AFC Executive Committee at its meeting on Nov. 27 in Delhi, India, said the Asian Football governing body.

AFC General Secretary Windsor John said the increases in prize money in both the AFC Champions League and AFC Cup will further increase the appeal of these competitions.

"This is a significant boost and investment in the future of club football in Asia and will make competition for both continental titles even fiercer than before," he said.

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