USPGA and Players Championship purses increased to $10m
Next year's USPGA Championship and Players Championship will both offer prize funds of $10m.
Last Updated: 06/11/13 8:23pm
The prize fund for the final major of the season at Valhalla next August has been upped by $2m, while the Players Championship in May will also feature a $10m purse - an increase of $500,000 from 2013.
The announcement confirmed that the two tournaments will now boast the highest prize funds in professional golf.
The two organistations announced a "significant expansion in co-operative initiatives", with commissioner Tim Finchem confirming that the PGA Tour will increase its support of the PGA Professional National Championship and various PGA Section Championships.
PGA of America president Ted Bishop also unveiled a new programme aimed at boosting the profiles and roles of PGA of America professionals in coaching and promoting the game in the United States.
At a press conference ahead of the McGaldrey Classic in Georgia, Finchem said: "We have always believed that working together with The PGA of America enhances efforts to grow the game and benefits the membership of both organisations.
"This announcement reflects what regular communication between our organizations can accomplish, and we look forward to continuing discussions with Ted and The PGA of America regarding further opportunities."
Bishop added: "The relationship between The PGA of America and the PGA Tour has never been stronger for a variety of reasons.
"There have been a series of co-operative efforts and this announcement is a further reflection that the essence of our relationship has been our ability to jointly do what is best for golf and our respective memberships.
"After all, PGA Tour players are also members of The PGA of America."