The 2013 World Athletics Championships in Moscow will have a prize fund of $7.2 million, organizers said Thursday.

The August 10-18 event is to be held at the Russian capital’s Luzhniki Stadium.

"The International Athletics Associations Federation is looking after us," said the president of the Russian Athletics Federation Valentin Balakhnichev.

"The prize fund is $7.2 million."

That represents a slight increase from the last championships at Daegu, South Korea, where just over $7 million was up for grabs.

Balakhnichev added that world record breakers stand to pocket an additional $50,000.

Preparations for the first major outdoor athletics competition in Moscow since the 1980 Olympics are on schedule, he added.