SEA ISLAND, UNITED STATES (AFP) - Prize money for the PGA Championship and US PGA Tour Players Championship will rise to US$10 million (S$12.4 million) next year, making them the richest events in the professional golfing calendar, officials said Wednesday.

US PGA Tour commissioner Tim Finchem and PGA of America president Ted Bishop announced an expansion in cooperation that will see the final Major tournament of every season hike prize money by US$2 million over this year for next year's edition of the PGA at Valhalla.

"The relationship between The PGA of America and the PGA Tour has never been stronger for a variety of reasons," Bishop said.