The exclusive World Matchplay Championship will boast the richest first prize in European and US golf this year after tournament organisers secured the sponsorship of HSBC for a new 10-year deal.
The deal with the world's second-largest bank means the 12-man field will compete for a staggering £1 million sterling first prize from an overall purse of £2.3 million.
The deal was struck with the event's founders and organisers, International Management Group (IMG), who have been heavily criticised in recent years due to their selection process for the restricted field.
Last year Darren Clarke, then ranked 22nd in the world, was snubbed from the event and complained IMG compiled a lacklustre field and an entry list full of their own clients who were much further down the rankings.
Clarke's frustration led to him venting his spleen at the selection process, claiming: "It's not worthy of being called a world championship. It should be called the IMG invitational".
At the time Clarke added: "It's something I'll be taking up with the tour. There should be a criteria for qualifying through the world rankings or various Orders of Merit".
The Irishman pointed to the fact that only three players - Ernie Els, Fred Funk and Michael Campbell - were not from the IMG stable to support his claim. Clarke himself is represented by IMG's rival management group International Sports Management.
Whether Clarke's comments, or indeed criticism from other quarters, made an impact on the organisers is unclear. However, changes have been made to the qualifying system.
A new "HSBC Major Championships Ranking" system will be put in place to measure and rank players on their performance at the four major championships in any given season. That means the defending champion - Ernie Els - the world number one and the 10 leading players from the ranking will form the 12-man field.
The inaugural HSBC World Matchplay is scheduled to be played on October 16th-19th over Wentworth's West Course and remains the only professional matchplay event worldwide where all matches are played over 36-holes.
Andrew Hampel, IMG's Senior International Group Vice-President, said: "IMG welcome HSBC's commitment to the World Match Play Championship. Since Arnold Palmer won the first trophy in 1964, the World Match Play at Wentworth Club has become a special part of world golf".