Memorial Tournament increasing purse nearly 67%, from $12 million to $20 million
In a lucrative example of addition by subtraction, the PGA Tour's loss is the Memorial Tournament's gain.
Memorial tournament director Dan Sullivan confirmed Wednesday that the 72-hole tour event played at Muirfield Village Golf Club will see its purse increase next year from $12 million to $20 million — a jump of nearly 67% — which should make the Memorial even more of a tour destination spot than it already is.
The financial boost is part of a tour plan to allocate more than an additional $45 million among eight regular-season elevated tournaments, which is a response to a threat from LIV Golf, the Saudi-funded rival tour that continues to land big-name players previously committed to the PGA Tour. The latest player to join forces with LIV Golf is four-time major championship winner Brooks Koepka, who joins a list that includes major winners Phil Mickelson, Dustin Johnson, Bryson DeChambeau and Patrick Reed.
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To stem the player losses, the PGA Tour is increasing purses, ending its wraparound schedule and adding three international no-cut events in the fall open to the top 50 players in the FedEx standings. The additional purse money will come from a combination of sponsor contributions, tournament profits and tour reserves, commissioner Jay Monahan said.
"We want to make sure our top events are maximized," Monahan said.
PGA Tour increases allocation money at eight tournaments, including the Memorial Tournament
The Memorial is among those marquee tournaments receiving a raise, joining the Sentry Tournament of Champions ($15 million, up from $8.2 million), Genesis Invitational ($20 million from $12 million), Arnold Palmer Invitational ($20 million from $12 million), Players Championship ($25 million from $20 million), WGC Dell Match Play ($20 million from $12 million), FedEx St. Jude Championship ($20 million from $15 million) and BMW Championship $20 million from $15 million).
"We are excited about the elevation of the competition purse and the additional enhancements that will begin with the 2023 Memorial Tournament," Sullivan texted. "Jack Nicklaus created the Memorial in 1976 with the goal of hosting the most significant professional tournament possible in his hometown, and that mission remains today."
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Sullivan added that the Memorial will "continue to showcase one of the strongest player fields (on tour), which has been a Memorial standard since its inception."
This year's Memorial saw seven of the top 10 players in the world tee it up.
This article originally appeared on The Columbus Dispatch: Memorial Tournament gets PGA Tour payout bump to thwart LIV Golf
