FIFA and UEFA have agreed to pay around $252 million dollars over the next six years to compensate clubs whose players take part in World Cups and European championships, reports the Guardian.
The deal, involving a $110 million dollar payment by FIFA and approximately $142 million by UEFA, was confirmed to Reuters by FC Barcelona's director of international relations Raul Sanilehi during a meeting at UEFA's Swiss headquarters on Monday.
FIFA will contribute $40 million for clubs whose players participate in the 2010 World Cup with the sum rising to $70 million for 2014.
UEFA will also make a fixed payment of $63 million for June's Euro 2008 tournament. The 2012 figure is expected to be around $79 million but will be dependent upon total revenue from the event, due to be staged in Poland and Ukraine.
FIFA and UEFA announced last week that they would compensate clubs whose players are involved in either of their flagship tournaments.
The funds provided by the governing bodies will be partly used to provide insurance for players injured during international competitions - a long-standing issue of contention between the clubs and national teams.
Sanilehi said that other concessions had been made in favour of the clubs including an agreement that international matches would be played on Saturdays and Tuesdays, rather than Saturdays and Wednesdays - allowing players one more day to recover before their next domestic matches.
In return, the 18 members of the self-appointed G14 group of top clubs are set to disband.
Instead European clubs will be represented by a new independent European Club Association made up of more than 100 members from all 53 national associations.