(London) The total prize pool for the Wimbledon tournament will reach a record £50 million ($87.8 million), with the men’s and women’s singles champions each getting £2.7 million ($4.75 million), All England Club officials announced at their annual media availability Thursday.

This is £5.2 million ($9.13 million) more than last year, an increase of 11.9%. The champions will each receive a bonus of 350,000 pounds sterling ($610,000), up 14.9% from last year.

Players who bow out in the first singles round will each pocket £60,000 ($110,000), up £5,000 ($8,800) from 2023.

Additionally, the purses to be awarded during the qualifiers will reach £4.8 million ($8.43 million), up 14.9 percent.