The European Tour has announced that it will rebrand as the DP World Tour from next season.
The move will see the tour’s total prize money top $200m for the first time and comes amid renewed efforts from Saudi Arabia to lure the world’s top players to a new breakaway circuit.
“This is hugely significant and a very exciting day for everyone on the DP World Tour,” said European Tour Group chief executive Keith Pelley.
Pelley said the tour’s current name had become “a misnomer”, with more than half of its 47 events scheduled next year taking place outside of Europe. “We’re definitely a world tour,” he added.
Prize money on the tour, excluding majors and WGC events, will grow from $104m to more than $140m under the new deal. With majors and WGCs included, it will top $200m.
Dubai-based global logistics company DP World has sponsored the tour’s season-ending event since 2009.
“This is a natural evolution of our partnership, which we’ve enjoyed for more than a decade,” said European Tour Group chairman David Williams.
“The DP World Tour will be groundbreaking in its scope. It’s a significant deal in terms of global sports sponsorship. We’re stronger together and the European Tour is proud to be associated with such a prestigious partner.”
Williams said the benefits of the deal were “not just financial”. He added: “As important to both parties is our shared desire to elevate the tour and grow the game globally.
“Retitling the main tour was not a decision we took lightly. But DP World is special and I say this again with no apology.”