The winners of the new look EuroLeague season will receive a cool €1 million, the competition’s CEO Jordi Bertomeu has revealed.

In an interview with Israeli media outlet Sport5, Bertomeu stated to Roey Gladstone that each team will also receive €40,000 for winning the 16-team league and €70,000 for reaching the Final Four.

The financial rewards will make the EuroLeague more lucrative than ever before as the new look season gets ready to commence on October 12.

Bertomeu also admitted that the ultimate vision that he had for the EuroLeague when it began in 2000 was to have it in a league format, allowing it to establish itself, first.

The new league format is based of 16 teams with a quarter-final Playoffs and then the showpiece Final Four which will take place in Istanbul in May.

Other notables from interview (via Roey Gladstone)