The US PGA Tour has reduced the prize money for next week’s St. Jude Classic golf tournament in Memphis after Stanford Financial Group cancelled its title sponsorship of the event.
Stanford Financial had a deal to sponsor the Memphis event through to 2016 but withdrew this March following the $8 billion fraud investigation over its Texan financier Allen Stanford.
“While this is a reduction from the previously announced $6.1 million purse, we are pleased that, despite the absence of a title sponsor, the tournament will be staged thanks to the Memphis community partners,” said a PGA a statement.
The prize money will be lowered to $5.6 million. It is the first time this year that a PGA Tour purse has been reduced.
