RIO DE JANEIRO, Feb. 23 -- The Copa Libertadores - South America's premier club competition - will feature a single final at a neutral venue from 2024, the region's football governing body CONMEBOL said on Friday.

The decision to scrap the final's traditional two-legged home and away format brings the Copa Libertadores in line with other major club competitions such as the UEFA Champions League.

"More than a game, this will be a great sporting, cultural and tourist event that will bring great benefits to South American football, its clubs and its fans," CONMEBOL said in a statement.

"It will offer a world-class sporting spectacle and a better experience at home and in the stadium," Conmebol said in a statement.

The Asuncion-based body said participating finalists will each receive around two million US dollars more in prizemoney - benefiting from higher marketing and television rights revenue - in addition to 25% of ticket sales.

Instead of being played midweek, the final will be moved to a primetime Saturday slot to maximize exposure and earnings potential, CONMEBOL said.

The Copa Libertadores features the strongest teams from CONMEBOL's 10 member nations. The winners qualify for the Club World Cup, contested annually by the champions of FIFA's six regional confederations plus the tournament hosts.