Kuala Lumpur, Nov 15 (IANS): The BWF World Tour Finals will remain the richest badminton tournament in the world with the sports governing body on Wednesday committing US $11.5 million in prize money over the next four years.

The prize money for BWF World Tour Finals 2023, to be played at the Hangzhou Olympic Sports Centre Gymnasium from 13-17 December, will be $2.5 million, up from $1.5 million last year.

Over the coming years the prize money will increase to $3.5 million in 2026, according to the information by BWF.

World Tour Finals Prize Money in 2023: US$ 2.5 million, 2024: US$ 2.5 million, 2025: US$ 3.0 million and 2026: US$ 3.5 million.

"We are delighted to be able to confirm US$11.5 million over the next four years for what already is our signature finale to the BWF World Tour," BWF Secretary General Thomas Lund said

"This represents an overall greater commitment to our players and contributes to an enhanced world-class sports product that we seek. We are excited by the prospect of making Hangzhou the new home of the season-ending finals and can’t wait to see the world’s top stars fight it out for ultimate glory."

Lund added that the allocation of World Ranking points for the BWF World Tour Finals, BWF World Championships, and Olympic Games had also increased.

The Top 8 qualifiers from the Race To Finals rankings will be confirmed following the conclusion China Masters 2023.