R&A announces huge prize money increase for 150th Open

This year’s historic Open Championship will be the highest-paying in history after the R&A announced a huge prize money increase.

A total of $14 million will be paid out at this year’s 150th championship at St Andrews – up more than 20% from last year.

The winner of the Claret Jug will take home $2.5 million, while 70th place gets $32,200.

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Every player in the field at the oldest major, including those missing the cut, will receive a minimum of $7,000 for participating in the tournament.

R&A chief executive Martin Slumbers said: “There have been significant changes in prize money over the last year.

“We have therefore increased the prize fund by 22% which means that the prize money has increased by more than 60% since 2016.

“We have made this substantial investment while balancing our wider commitments to developing golf at all levels around the world and to continuing to elevate the AIG Women’s Open.”

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It means all four of golf’s majors have significantly increased their prize pots this year.

The Masters and US PGA paid out $15 million each, while the USGA coughed up $17.5 million at the US Open.

The PGA Tour has also announced significant adjustments in recent weeks.