This year's Billie Jean King (BJK) Cup Finals tennis event will offer a record total of $9.6 million in prize money, according to the International Tennis Federation (ITF) on Monday.

The ITF said the women's tennis BJK Cup Finals has reached an "equivalent prize level" as the men's tour of Davis Cup.

Previously known as the Fed Cup, the tennis event was named the Billie Jean King Cup in honor of former women's tennis world No.1 Billie Jean King. It is a premier international team competition in women's tennis, where female tennis players play for their countries in a format similar to the men's Davis Cup.

This year, it celebrates its 60th edition since being inaugurated in 1963.

2023 BJK Cup Finals

Date: November 7-12, 2023

Location: Seville, Spain

The 12 competing nations are Switzerland (title holders), Australia (2022 runners-up), Spain (hosts), Canada, Czech Republic, France, Germany, Italy, Kazakhstan, Slovenia, the United States and Poland.

The BJK prize money of $9.6 million will be shared among the 12 competing nations and is broken down as follows:

Champions: $2.4 million

Runners-up: $1.44 million

Semifinalists: $960,000

Group stage teams: $480,000