'I am delighted that Funai has chosen the PGA Tour to broaden its brand and business development,' said PGA Tour Commissioner Tim Finchem. 'From the Tour's standpoint, we are very pleased that a major international company like Funai has agreed to make such a significant commitment to the event and the Orlando area community.'
The tournament will now be known as the Funai Classic. The inaugural event took place in the fall of 1971. Past tournament champions include many of the biggest names in golf, including Tiger Woods, David Duval, Mark O'Meara, U.S. Ryder Cup Captain Hal Sutton and Jack Nicklaus.
The 32nd annual Classic was held in late October at Disney's Palm and Magnolia golf courses. The event included a record purse of $3.7 million, including a $666,000 winner's check that went to Bob Burns, who shot 25-under 263 for his first career PGA Tour victory.
The 2003 tournament will be played from October 23-26 and the purse for the next year's Funai Classic at the Walt Disney World Resort will be $4 million.