England's footballers have decided to play for the national team for free - and donate their match fees to charity.
Skipper Terry is happy to be donating his fee to charity
The squad are to establish a Team England Footballers Charity, which will raise more than £1m before the 2010 World Cup in South Africa.
"Every player to a man is looking forward to supporting this charity," said England skipper John Terry.
Football Association chief Brian Barwick added: "I am very pleased the whole squad has taken this initiative."
I'm overjoyed that the England squad has chosen to support the Bobby Moore Fund for Cancer Research UK
Stephanie Moore, widow of Bobby
The project has been co-ordinated by 1966 Entertainment - owned by David Beckham's manager Terry Byrne and Simon Fuller - which won the rights to manage the players' commercial affairs last August.
Byrne told the Daily Mirror: "I am not going to say we are saving the world or that we should have haloes fitted but as a group the England players wanted to make a difference.
"Some people will look at this and say, 'what is £50,000 to someone who can earn that in a week?'.
"But the players didn't have to do this, they chose to. They wanted to do some good."
The charities set to benefit include the Association of Children's Hospices, WellChild, the Bobby Moore Fund and the Professional Footballers Association Charity Initiatives.
Stephanie Moore, widow of Bobby, said: "I'm overjoyed that the England squad has chosen to support the Bobby Moore Fund for Cancer Research UK.
"I know that Bobby would have been delighted."
In addition to their match fees, the players are expected to undertake additional charitable activities including a grassroots initiative to help disadvantaged youth teams.