$10 million purses for PGA, Players Championships

Sea Island, GA ( - The purses for the PGA Championship and Players Championship will reach $10 million next year, making them the richest tournaments in golf.

The PGA Championship's purse will be increased by $2 million and the Players Championship's by $500,000 to reach the benchmark.

The purse hikes were announced in a press conference Wednesday ahead of the The McGladrey Classic by PGA of America president Ted Bishop and PGA Tour commissioner Tim Finchem.

Bishop and Finchem heralded an era of increased cooperation between the two organizations, with Finchem saying the dual announcement showed what regular communication between them can accomplish.

The PGA of America oversees the PGA Championship. Without a major to call its own, the PGA Tour's biggest event has been the Players Championship at TPC Sawgrass in Ponte Vedra Beach, Fla.