SSE Airtricity League sides competing in Europe are set for a greater financial reward after a new prize money agreement was announced by the European Clubs Association and UEFA today.

Clubs have agreed to distribute revenue from the Champions League and Europa League more evenly from next season.

The Europa League prize money will increase by 65%. 

The announcement comes amid concerns that the gulf between Europe's richest clubs and the rest is widening, with the result that both domestic leagues and the Champions League itself are becoming increasingly repetitive and predictable.

St Patrick’s Athletic secured €375,000 in prize money following last year's Champions League campaign which ended against Legia Warsaw. The current champions, Dundalk, will now secure a minimum of €550,000. 

The participants in qualifying rounds of the Europa League received a minimum of €120,000 last year. Dundalk, Derry City and Sligo Rovers banked €250,000 after progressing to the second round of the qualifying.

Entrants this year will receive a minimum of €200,000 and €410,000 if they reach the second round. Competing in third round would yield a total of €630,000. 

"ECA and UEFA have together developed a revolutionary distribution mechanism for the Champions League and Europa League, aimed at sharing the competitions' revenue growth more evenly among European clubs," ECA and UEFA said in a joint statement.

"A record funding pot of €2.24 billion (per season) will be divided with a new focus on solidarity," they added following an ECA meeting in Stockholm.

"A greater proportion of funds than ever before will go to UEFA Europa League participants, to participants in the qualifying rounds and to clubs in medium/smaller championships.

"The concept means more funding for all, because the new percentage-based system ensures that every stakeholder will benefit proportionally from the competitions' continued growth."

Dundalk are set to represent the Republic of Ireland in the 2015/2016 Champions League qualifying rounds.

Cork City, St Patrick's Athletic, Shamrock Rovers will enter Europa League qualifying. UCD could also feature through the fair play entry.