#EntertainmentNews: The Victor of ‘The X Factor’ Will Be Rewarded the Grand Prize of $5 Million Adding “Pressure” To the Situation – Simon Cowell

Simon Cowell & his 'The X Factor'

Simon has made a huge announcement yesterday on behalf of the hit UK show, The X Factor, declaring that the winner of the show will now also receive a cash prize of $5 million along with all previously announced prizes as well.

Simon mainly emphasized that this kind of money simply puts more “pressure” on not all the contestants of the show but the jury as well. He recalled that the winner will still be horned a contract as a recording contract with Sony along with other few smaller prizes too. He was on the phone giving his interview and claimed that this huge raise in the prize even makes him a little nervous as the judge of the show.

He also took the liberty to explain and clarify that “This is not a dressed-up $5 million,” he stated. Furthermore, he explained that the winning contestant will be able to only receive a cheque worth $1 million each year at a stretch of five years. Hence, the money will come along with a price of financial advice on how to manage and spend the prize money.