Men’s golf is bracing up for a big weekend, as the Hero World Challenge 2023 is set to tee off on Thursday, November 30. Tiger Woods would be the cynosure of all eyes at Albany Golf Club in The Bahamas. It is an added attraction to the tournament that the legend is coming back to the competitive fold for the first time since the Masters. In terms of money, too, the Challenge is a high-profile event.

The tournament offers an enhanced prize purse of $4.5 million in 2023, an increase of $1 million. In 2024, the prize money will be upped to $5 million. It is actually an event where Woods – he is the host – invites elite golfers to play. And true to the occasion, the tournament sponsors are also high-profile.

Enhanced prize purse for Hero World Challenge

As the name suggests, Hero MotoCorp is the title sponsor. The company, which claims to be the world’s largest manufacturer of motorcycles and scooters, took over the title sponsorship of this golf event in 2014 and set the total prize money at $3.5 million. It has been increased this term and Dr Pawan Munjal, executive chairman of the Hero MotoCorp, explained why.

“I’m happy to announce that the prize purse for the Hero World Challenge in 2023 is being increased to $4.5 million, which in 2024 will go up to $5 million. At Hero, we do believe it’s very important to keep raising the stature of this event,” Munjal said at a press conference.

Dr Munjal is a friend of Woods. In 2018, when Hero MotoCorp extended its title sponsorship of the Hero World Challenge, the legendary golfer told reporters: “The Hero World Challenge has evolved into a global event, highlighting the world’s best golfers year after year.”

Read more: 2023 Hero World Challenge: Prize Money Breakdown and Winner’s Payout

Recently, the 47-year-old was full of praise for his pal again, describing the association “truly special” and thanking the title sponsor for its “unwavering support” and the “increased purse size“.

Other backers of the tournament

Citi Private Bank and The Islands Of The Bahamas are the two founding sponsors of the tournament. It is co-sponsored by the PGA Tour, and benefits the Tavistock Foundation and the Tiger Woods Foundation. Back in 2014, Woods had said on his website about the Hero World Challenge: “This tournament has been an integral part of my Foundation since 1999 and has raised $25 million for my Foundation and local charities.”

The Hero World Challenge also has 13 official partners. The 20-player field will have 12 Major winners. The title sponsorship alone reportedly fetches $6-8 million annually. The winner’s share of the $4.5 million prize money will be $1 million. The Hero World Challenge is not a Major, but it is a seriously major event.

Watch this story: 2023 Hero World Challenge Tee Times and Pairings: When Will Tiger Woods Make His Long-Expected Return?