Korea Open Prize Fund Revised Downward After LIV Golf Support Withdrawal
Quick Look
- The Kolon Korea Open golf tournament's prize fund has been reduced to 1.4 billion Korean won (US$1 million) after LIV Golf withdrew its promised US$500,000 support.
- The purse was initially announced to be a record 2 billion won.
AI-generated summary
Why It Matters
The Kolon Korea Open, a historic golf tournament, initially announced a record prize fund increase supported by LIV Golf. However, this support was later withdrawn.
The LIV injection would have pushed the total prize fund from around US$1 million (HK$7.8 million) to a record US$1.5 million for the historic tournament first played in 1958.
However, on Wednesday, it released a statement saying: “The Asian Tour can confirm the prize money for the Kolon Korea Open has been revised to the original amount of 1.4 billion Korean won (US$1 million), the same as last year.
“We communicated this revision to our members following an update from the title sponsor Kolon.
“The champion will receive a bonus of 200 million won, as previously announced.”
In April, the Asian Tour announced the Korea Open prize fund boost to great fanfare.
“With US$500,000 in prize money support from LIV Golf, with whom we have been expanding our partnership, the winner’s share will be 700 million won and the total purse 2 billion won, making this the largest tournament in its history,” tournament organisers trumpeted on April 24.
Open Questions
- Why did LIV Golf withdraw its support?
- Are there other tournaments affected by LIV Golf's sponsorship changes?
- What is the long-term impact on the Asian Tour's prize money structure?
