World Snooker is pleased to announce that prize money for the 2002-2003 season is increasing by more than £300,000.
The increase boosts total prize money to £5.9million, including the Benson and Hedges Masters, and meets the promise made to the players by the new commercial management team last June.
Two tournaments have been added to the calendar for the current season. The Irish Masters, which is being staged at the Citywest Hotel in Dublin from March 25 to 30, carries a prize fund of £400,000. The European Open, which takes place at the Palace Hotel in Torquay from March 11 to 16, is worth £250,000.
In response to a request by the players, the final qualifying round for the 2003 Embassy World Championship will be staged separately to the other qualifiers. This will immediately follow the European Open in Torquay from March 17 to 20.
Revisions to the tournament calendar have made it necessary to reduce the individual prize money breakdowns for the British Open and UK Championship. Total prize money for the British Open has been reduced to £450,000 and the UK to £615,000.
Minimum guarantees for all bandings in the rankings, bar 65 to 128, have also increased. Players ranked in the top 16 are now guaranteed a minimum of £57,800. This has risen from £56,000.
Richard Relton, chief executive of World Snooker, said: ‘Prize money figures for this season has been based on current income. The changes we have made are for the right commercial reasons – not political ones.
‘We know the players will be disappointed that the prize money totals for the British Open and UK Championship have decreased. What they have to realise though is that the overall prize fund has increased by around £300,000.
‘The new commercial management team has been in place for three weeks. We have delivered on the promises we made to the players in June. We are now putting together a business plan that will ensure that both prize money and the number of ranking tournaments grow season upon season.’
For more details contact:
World Snooker Media Office on 01952-281603