The European Tour officially confirmed what was being discussed in the Tour and media for some time now – the prize funds for the Race to Dubai and the season-ending Dubai World Championship have been reduced by 25 per cent.

I guess because of my association with Jumeirah Golf Estates, I have been asked several times about my thoughts on the issue.

Let me put it this way, I am extremely happy, and feeling proud of Nakheel, the parent company of Jumeirah Golf Estates, for not only going ahead with this year’s tournament, but also stating their intention of honouring the commitment to the European Tour.

We are all fully aware of the economic situation across the world in the last 18 months or so, and that the real estate and financial sector have been the worst hit. In such a situation, I – and I am sure I am speaking for most members on the European Tour – am delighted that we will be playing for $7.5 million purse for the Dubai World Championship, and $7.5 million bonus pool for the Race to Dubai.

Honestly, $7.5 million is extremely good prize money. And at a time when the world is just starting to recover from recession, it’s worth more than the $10 million which was promised earlier when it was boom time. In fact, that would make Dubai World Championship the richest non-Major tournament on the European Tour.

I am sure we will be back to the promised prize money next year if things go well for the sponsors. But at the moment, we need to show our support to them by understanding their situation and going a few extra steps to ensure that the tournament is a huge success.