The opening women's major of 2022 will have its prize fund boosted by 60per cent to US$5 million, the elite LPGA Tour said after announcing a new title sponsor for the tournament.
The event, previously known as the ANA Inspiration, will be renamed 'The Chevron Championship' as part of a six-year deal with the LPGA.
It will be held at its traditional location of Mission Hills in Rancho Mirage, California, from March 31 to April 3, in 2022 before moving to a different venue, likely to be in Houston, from the following year.
The LPGA is also planning to move the event to a later date in the spring from 2023.
"We have all made some lovely memories at Mission Hills over the years which we will enjoy celebrating in 2022 and take with us to The Chevron Championship's new home, where I know we will make many more," said Lydia Ko, who won the ANA Inspiration in 2016.
(Reporting by Manasi Pathak in Bengaluru; Editing by Peter Rutherford)