(Reuters) - The PGA Tour and FedEx have agreed on a new 10-year contract extension with the American shipping giant sponsoring the FedEx Cup and the four-tournament playoffs through 2027, Tour commissioner Jay Monahan has said.
The courier services company, which partnered the PGA Tour in 1985, started the season-long FedEx Cup competition in 2007 with the winner receiving $35 million in bonus money.
"As we went through this process, we've identified a number of ways for us to continue to enhance the magnitude and consequence of the FedEx Cup, and that's complicated," Monahan told reporters without revealing financial details of the new deal.
"I'm really comfortable with where the Cup is and excited about the flexibility that this gives us on a long-term basis."
According to media reports, major scheduling changes are being planned and the US PGA Championship could take place in May instead of August in an effort to end the golf season before the American football campaign begins in September.
"Right now the schedule that we play is the schedule we're going with and will be going with for the foreseeable future," Monahan said.
"Whether or not we make any changes, we haven't made any firm decisions, but that is what I'm referring to when I talk about flexibility..."
"I'm not saying we're making scheduling changes. I am saying that we've got a commitment through this agreement to significantly raise the consequence of the Cup."
Defending FedEx Cup champion Rory McIlroy could see logic behind the change.
"I can definitely see the reasons for it. We would have a big event every month. Then the FedEx run would be a little earlier and not clash with the (American) football. I can definitely see why that would happen," McIlroy said.
The Players Championship will begin on May 11 and the PGA Championship will be held in August at the Quail Hollow Club in Charlotte, North Carolina.
Reporting by Aditi Prakash in Bengaluru; editing by Amlan Chakraborty