PSL Announce Huge Increase in MTN8 Prize Money, Participation Fee

• The Premier Soccer League have confirmed the new prize money for the winners of the MTN8 tournament this season
• The competition's participation fee has also been increased by the South African league management board
• Netizens shared their thoughts on PSL's move to increase the prize money and participation fee for this year's edition

The Premier Soccer League have announced a massive increase in prize money and participation fees for this season's MTN8 tournament.

Kaizer Chiefs missed out on qualification on the last day of the 2023-24 season, with teams like Mamelodi Sundowns, Orlando Pirates, SuperSport United, Sekhukhune United, Cape Town City, Stellenbosch FC, TS Galaxy, and Polokwane City competing in this year's edition.

The Buccaneers will start their title defence when they take on SuperSport United on Saturday, August 3.

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MTN8 prize money and participation fee increased

According to iDiskiTimes, PSL Head of Brand Marketing, Media & Sponsorship, Nonhlanhla Nkosi confirmed during the launch of this season's MTN8 competition that the winner's prize money and participation fee have been increased.

"I have a very special announcement to make. It is an announcement by our executive committee, as well as the chairman," she stated.

"On behalf of the PSL chairman and the executive committee, it is a great pleasure to announce that the prize money for the MTN8 winning team has been increased from R8 million to R10 million.

"The participation fee from for the clubs has also increased from R800,000 to R1 million."

Fans reacts to MTN8 prize money increase

JoyLethabo8 wrote:

"To be honest @MTNza must up their game. The winner must get R80m and participants R10m. It's 2024."

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ka_madesi bantered Kaizer Chiefs for missing out of the competition:

"Lol no 1 million for chiefs 😂😂😂"

eliotchauke1 said:

"That's little... It's not even $1m."

JVLekama reacted:

"Easy R10 Million for Orlando Pirates."

Siphe_Sihle_ commented:

"Orlando pirates must take this thing very seriously because they know for a fact that they won't win anything again this season."

KcTembane responded:

"And you have Pitso Mosimane bashing such tournaments as if they add no value whatsoever. Such amounts can go along in helping the team finically."

PSL hit the R900 Million jackpot

Briefly News earlier reported on PSL announcing that betting company Betway will be the new sponsor for Mzansi's top league.

The new deal was announced after the PSL announced that it would end its partnership with broadcaster DSTV, which previously sponsored the competition.

Source: Briefly News