Dubai, July 20 (IANS): A record prize pool of $4 million will be at stake in this year's Champions Trophy in South Africa, the International Cricket Council (ICC) confirmed Monday.

The prize money is almost a four-fold increase from the 2004 and 2006 editions, when the total prize money was $1.15 million, an ICC press release stated.

The tournament will be a re-modelled short event of 15 matches in only 14 days in September and October taking place at two venues - Centurion Park and The Wanderers.

The new format and the increased prize pool are just two of the series of innovations to be announced in the coming weeks.

Australia, England, India, New Zealand, Pakistan, hosts South Africa, Sri Lanka and the West Indies - have been divided into two pools of four, with the top two from each pool progressing to the semi-finals stage. The tournament begins Sep 22.

"We are delighted to announce the fixtures and prize money for this year's ICC Champions Trophy," ICC Chief Executive Haroon Lorgat said.

"The format, with two pools of four leading to the semi-finals and final, means that every match counts and each side has to hit the ground running," said Lorgat.

The Champions Trophy was supposed to take place in Pakistan in 2008 but was relocated to South Africa because of security apprehensions