This announcement was made Sunday by PGA Tour Commissioner Tim Finchem, with the agreement not only seeing Gaillardia as host to the tournament this year, but the following year as well in 2002.
Tom Watson will be returning to defend his title from last year's event, which was played at the TPC of Myrtle Beach. This year, he will be competing for a purse which has been officially raised to $2.5 million. With $435,000 on the table for the winner, this year's champion will be the richest ever from a single event in Senior PGA Tour history.
In addition, the championship will also be the concluding tournament to the Charles Schwab Cup, an new season-long race on the 50-and-over circuit which offers $2.1 million in bonus money to the top-five finishers and a full $1 million to the winner.