LOS ANGELES, July 30 ― Tiger Woods's US PGA tournament will have a higher purse and greater prestige as well as invitational status and a new name for next year, organisers announced yesterday.

The Genesis Invitational, hosted by Woods at Riviera Country Club next February 13-16, will have an invite-only field of 120 players competing for a US$9.3 million (RM38.3 million) purse, a boost of US$1.9 million from this year's event.

The winner will take home US$1.674 million as well as a three-year PGA TOUR exemption, one year longer than the standard winner's exemption for tour events.

Tiger's event exemption matches those of the Memorial, a key US Open tuneup event hosted by Jack Nicklaus, and the Arnold Palmer Invitational at Bay Hill in March.

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Reigning Masters champion Woods, 43, has won 15 major titles, three shy of the record 18 captured by Nicklaus.

His victory this year at Augusta National snapped a major win drought dating to the 2008 US Open.

Woods has 81 career US PGA titles, one shy of the all-time record set by Sam Snead.

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The Riviera tournament remains a benefit event for Woods' charity work through his TGR Foundation. ― AFP