Dubai Event Latest to Cut Prize Money

The organizers of the Dubai World Championship have cut prize money by a quarter because of the global economic downturn.

Citing the "developing global situation," European Tour officials announced that prize money for the Race to Dubai bonus pool and the Dubai World Championship will be cut by 25 percent to $7.5 million each, reducing the total purse to $15 million. The winner of the bonus pool will receive $1.5 million, while the winner of the Dubai World Championship will take home $1.25 million.

The announcement expands the list of golf's losses, which earlier this year included the withdrawal of Deutsche Bank AG, Morgan Stanley, Wachovia Corp. and Northern Trust Corp. as tournament sponsors amid the biggest downturn since the Great Depression.

Also this week, Anheuser-Busch announced it was not renewing its sponsorship of the Michelob Ultra Open at Kingsmill after a seven-year run. Since 2007, the LPGA has lost at least seven tournaments to sponsor withdrawals.