Chevron further invests in LPGA through expanded Chevron Championship prize purse
The GIST: The LPGA announced an extended partnership with energy corporation Chevron yesterday, which includes continued title sponsorship of the Chevron Championship through 2029 and a $7.9M prize purse this year. More greens, please.
The prize money: Along with the considerable prize money increase, up from its $3.1M value in 2021 before Chevron became the major championship’s title sponsor, the energy company doubled the compensation for athletes who miss the cut to $10K, making it the highest missed-cut stipend on the tour.
- Plus, the purse increase brings the LPGA Tour’s total combined prize money for the season to $123.25M, up 78.6% since 2019. The bump among the five major championships has been even more significant, growing 97% to $45.4M in just three years.
The company: Chevron has transformed the 52-year-old championship by airing it on NBC rather than the Golf Channel, which resulted in historic viewership for the 2023 event. It also works closely with the LPGA Foundation on programs encouraging STEM education and diversity and inclusion, like spending $2M on community initiatives supporting women and girls in 2022.
- But the oil company has also fielded criticism for “greenwashing,” the environmental equivalent of sportswashing, something women’s soccer players have called out FIFA sponsors for in the past.
Zooming out: Golf wants pay parity as much as any sport, but in this particular game, brands are the key driver of prize purse growth. Chevron has changed the game for the LPGA’s first major, while the KPMG Women’s PGA Championship and the AIG Women’s British Open extended deals with their respective partners for record purses. Getting by with a little help from our friends.
