“In many way, it’s a misnomer,” Pelley said of the European Tour’s current title. “We are definitely a world tour.”
“We will always remember our heritage,” Pelley added, “and those who have gone before us who helped us shape our tour … but we also rejoice in our global footprint.”
Pelley said there will be a minimum prize fund of $2 million for each tournament and prize money of “north of $200 million” for the season, compared to $104 million in 2021 and $70 million in 2020.
The deal is a huge boost to the finances of the European Tour which were badly hit by the coronavirus pandemic, which caused a shutdown of the tour for three months from March last year.
In a video message, four-time major champion Rory McIlroy said the deal was a “great news for global golf.”
Tommy Fleetwood, who was the Race to Dubai champion in 2017, said it provided “stability” and “excitement” to golfers on the tour.
DP World, a Dubai-based logistics company, has sponsored the season-ending event on the European Tour which has been held in Dubai since 2009 and called “The Race to Dubai.” It was previously the “Order of Merit.”
The European Tour was founded in 1972 but events have been increasingly held outside the continent in recent years, with many of the biggest now staged in the Middle East.