European Tour's bonuses slashed

The prize fund for the European Tour's grand finale in Dubai has been cut by 25%.

The European Tour chief executive George O'Grady says the prize fund has been slashed to the economic downturn.

DUBAI // A reduction of 25 per cent in the prize funds for the Race to Dubai and the Dubai World Championship (DWC) was confirmed yesterday by the European golf tour. The cuts have been made because of the global financial crisis and mean the annual purse for the Race to Dubai, formerly the Order of Merit, will now be US$S7.5m (Dhs27.5m). The new DWC will offer the same rewards to the 60 golfers who qualify for that tournament, which is on November 19 to 22. When Leisurecorp, the Dubai-based development company, struck a partnership with the European Tour in 2007, the pledge was to invest $100m over five years. That figure is now likely to total $75m, although no decision has yet been taken on the following four years. George O'Grady, chief executive of the European Tour, delivered the statement after a three-day visit to the Jumeirah Golf Estates tournament venue. "We have offered to reduce the prize money to reflect the current worldwide economic position and we will jointly examine prize money levels in future years in the light of this developing global situation," he said. "We have been assured that our agreement is proceeding substantially as planned." Hamza Mustafa, managing director of Nakheel Leisure, the sponsors' parent company, said: "The prize funds for both competitions are significant amounts that are worthy of the season-ending tournament and world-class field that will be competing, yet reflective of a new economic climate. We look forward to staging an excellent championship." The winner of The Race to Dubai will earn $1.5m and receive a seven-year European Tour exemption. The winner of the DWC will win $1.25m in addition to a five-year Tour exemption. [e-mail]