R&A CEO Martin Slumbers limits prize fund for the 2024 Open Championship to $17 million, worries about the 'financial sustainability' of PGA Tour

By Saivee Phatak

Modified Jul 17, 2024 15:27 GMT

PGA: The Open Championship - Practice Round — Martin Slumbers at The Open Championship (Image via IMAGN)

The prize money for the 2024 Open Championship is a record $17 million. Yet, it is the lowest prize purse out of all the major championships this year, with the likes of the US Open boasting up to $21.5 million. The signature events on the PGA Tour also outrank the Open Championship prize fund, with all of them offering $20 million.

Recently, R&A CEO Martin Slumbers opened up about the need to limit the prize purse due to a worrying future about the financial condition of men's golf. Slumbers spoke about the need to reallocate funds to all the different aspects of golf, from the lowest to the highest level.

Speaking at the press conference ahead of the 2024 Open Championship, he stated via Golf Monthly:

"I've expressed concern in recent years about financial sustainability in the men's professional game. If you look at golf as a pyramid, however strong the pyramid is at the top, it can only be sustained in the long term if the pyramid is equally strong at the base."

Slumbers emphasized the importance of investing money even in the recreational game. To do so, the funds at the Open as well as other big tournaments should be divested.

Slumbers further said:

"While we will always offer a very competitive prize fund for The Open, our wider focus is on increasing participation and improving pathways in golf. We have to make choices about how we allocate resources and make the resources we have go as far as they can."

The 2024 Open Championship will be held from July 18 to 21 at the Royal Troon Golf Club.

Scottie Scheffler and Rory McIlroy are among favorites to win the 2024 Open Championship

The Open Championship is set to be the fourth and final major of the year. Scottie Scheffler won the Masters earlier this year and is one of the top favorites to pick up a win at the event. The likes of Rory McIlroy and Xander Schauffele are also looking for a win this weekend.

Bryson DeChambeau won the most recent major, the US Open. He will be looking to win his second major in a row. Following are the odds and best bets for the top golfers going into the Open Championship (via CBS):