Community Shield prize money: How much do Liverpool and Crystal Palace get?

Liverpool and Crystal Palace will descend on Wembley Stadium this afternoon for the season's traditional curtain raiser. Fresh from winning their second league title in five years last season, the Reds will come up against a Palace side that lifted a major trophy for the first time in the FA Cup final.

Plenty has changed since both teams lifted their respective pieces of silverware earlier this year, with Liverpool having spent close to £300million on new signings. The likes of Florian Wirtz, Hugo Ekitike and Jeremie Frimpong have all arrived as part of mega-money moves, with Liverpool still being linked to Alexander Isak too.

Things have been a little different for Palace, who have been embroiled in a legal battle after being demoted from the Europa League to the Conference League due to complications surrounding their ownership. Unlike their weekend opponents, Palace's transfer business has remained modest, with Borna Sosa (£2million) and Walter Benitez (free transfer) their only completed deals so far.

Nevertheless, Palace will be hoping to sting another Wembley surprise when they take on reigning champions and favourites for next season's title, Liverpool, today. But how much will the two sides be competing for?

Community Shield prize money

The main prize for triumphing in the Community Shield isn't a hefty winners' bonus, instead, it's the chance to lift the trophy itself. Unlike the other domestic competitions, the victor doesn't receive a financial reward for winning the match.

The money raised from the fixture is split between charities and redistributed among the football pyramid. Ticket sales, sponsorships and television revenue contribute to the majority of the raised funds.

Where to watch the Community Shield between Liverpool and Crystal Palace?

The match is pencilled in for 3pm this afternoon, with fans in the United Kingdom able to watch the clash on TNT Sports 1. Fans unable to watch can also follow along via the radio, with talkSPORT providing commentary of the clash.

Are there penalties and extra time in the Community Shield?

If the scores are level at the end of 90 minutes, no extra time will be played between Liverpool and Crystal Palace. Instead, the match will go straight to a penalty shootout.

That was the case last season when Manchester City and Manchester United played out a 1-1 draw in normal time, before Pep Guardiola and Co. went on to win the trophy in the shootout.