The record-breaking payout ensures that each club will receive at least £30,000, a 25% rise from the current season.

The winner of the next season’s Premier Sports Cup will be awarded £400,000, while the runner-up will receive £200,000.

Clubs reaching the semi-finals and quarter-finals will earn £150,000 and £100,000 respectively. Even those eliminated in the second round will receive £60,000. Clubs finishing in various positions in the first-round group stage will also see increased payouts, with sums ranging from £30,000 to £36,000.

Additionally, clubs involved in matches selected for live television coverage by Premier Sports will receive facility fees of £18,000 during the first round group stage and £30,000 in the later rounds.

Neil Doncaster, chief executive of the SPFL, said: “We’re delighted to announce record prize money for our flagship cup competition next season.

“Premier Sports have been fantastic supporters of the League Cup and of our national game. That investment has enabled us to further increase the funds we can make available to clubs competing in our premier cup competition.

“We’re all looking forward to the return of the Premier Sports Cup, with the draw for the first-round group stage taking place at 1pm on Wednesday 29 May, live on Premier Sports. Seeding pots for the draw will be confirmed early next week.”