The future of the Aberdeen Asset Management (AAM) Scottish Open has been secured until 2020.
The global finance giant has extended its commitment to the European Tour competition along with the Scottish Government, which backs the event to the tune of £1million each year.
The Scottish Open was held at Royal Aberdeen this year after three years at Castle Stuart near Inverness, generating an estimated £6million for the wider economy.
First Minister Alex Salmond confirmed the new deal with representatives of AAM and the European Tour at Bute House in Edinburgh.
He said: “This is a superb deal for Scottish golf and I’m delighted that we have managed to secure the tournament’s future for another three years.
“The Scottish Open is a tournament which is already well established and highly regarded, and the world’s top players have been extremely complimentary of the challenge that Scotland’s magnificent links courses provide ahead of The Open.
“This deal will keep it in that key spot on the golfing calendar, meaning top stars, as well as golf fans from across the world, will continue to be attracted to our shores to participate in this iconic event.”
Under the new extension, the tournament prize fund will rise from £3million in 2014 to £3.25million for years 2015 and 2016, increasing to £3.5million in 2017 and to a minimum of £4million in 2018.
The event takes place at Gullane Golf Club in East Lothian in 2015 and is due to return to Castle Stuart in 2016.
Martin Gilbert, chief executive of AAM, said: “The tournament continues to grow in stature as more players travel to Scotland to play a links course the week before The Open Championship and the sponsorship continues to deliver excellent global brand awareness for us especially through the TV coverage in the US, a key market for us.”
George O’Grady, European Tour chief executive, added: “Naturally, we are delighted at the extended commitment of both the Scottish Government – our longest partner in Scotland – and Aberdeen Asset Management to the Scottish Open.
“This is wonderful news, not only for the tournament, but for The European Tour as a whole.”