The 15 councils will be chosen from the 65 invited to bid last week for the cash, announced as part of The Children's Plan.
The bids should include plans for a new adventure playground, aimed specifically at improving play opportunities for eight- to 13-year-olds, often in disadvantaged areas. Those who make satisfactory bids but are unsuccessful will be offered up to £1m to develop play areas.
Children's Secretary Ed Balls encouraged councils to work with young people to develop the facilities. "I'd urge them to consider how this money can best help the children in their boroughs," he said.
A second round of bidding to select 15 further playfinders will take place in the autumn.
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