FBR signed a five-year deal with the Thunderbirds, the Phoenix civic organization and charitable benefactors who have hosted the Open since 1939.
The event is one of the most popular on the PGA Tour. More than 529,000 fans were in attendance last year, and it has raised over $23 million for charity.
The prize money will be increased to $5.2 million, up from $4 million in 2003. The tournament winner's share will also increase from $720,000 to $936,000.
The upcoming FBR Open will take place at the Tournament Players Club of Scottsdale from Jan 29-Feb. 1, 2004. Vijay Singh is the defending champion.