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NEW YORK (AP) — Each Major League Soccer team will receive $500,000 in additional money over the next five years to spend on players.

The league said Wednesday that the funds, called Targeted Allocation Money, can be applied to sign or re-sign players who earn more than the maximum salary budget charge who are not high-priced designated players. The maximum budget charge this year is $436,250.

Teams may use the entire $500,000 in one season, on up to three players. The money also may be used to convert a designated player to a non-designated player by buying down his salary budget charge, and the funds can be traded.

“We are hopeful that it’s going to have a real material change in terms of bringing in a significant number of high-quality players,” Todd Durbin, the league’s executive vice president of player relations and competition, said Wednesday.

Players in the first 20 roster spots count for $3.49 million against each team’s salary budget this year. The league said the new funds are in accordance with MLS’s new labor contract.

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