The Memorial Tournament and presenting sponsor Nationwide Insurance announced a six-year extension of their relationship on Tuesday, bringing with it a near 40 percent increase in the tournament purse.
Starting next year, the purse for the annual event played at the Jack Nicklaus' Muirfield Village Golf Club in Dublin, Ohio, will go up from $6.2 million to $8.5 million. The winner's share will also increase from $1.116 million to $1.615 million, representing a hike from the winner receiving the traditional 18 percent of the purse to getting 19 percent of the purse.
In addition, the invitational event, like the Arnold Palmer Invitational, comes with a three-year PGA Tour exemption for the winner. Winners of other non-major, non-WGC events get a two-year exemption.
Nationwide, based in nearby Columbus, has been presenting sponsor of the event since 2011.
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Nicklaus is pleased the tournament, going into its 41st year, is secure almost to its 50th anniversary.
"When we created the Memorial Tournament, in many ways it was a gift to the people of central Ohio and to the community that helped shape me as a player, but, more important, as a person,” Nicklaus said. "It was also about leaving a legacy. Simply put, as we walk through life, the footprint we leave behind is what determines your legacy.”