The tournament, which during the 2002 season was the first major played, will be played from August 25-31, 2003. Portland will host an official Tour event for the first time in 1982. The course at which the event will be played has not been determined.
Prize money for the event will be $2 million and the winner will take home $300,000.
'We welcome Jeld-Wen to the family of Champions Tour sponsors,' said PGA Tour Commissioner Tim Finchem. 'Portland has a long history of supporting professional golf and we are sure it will embrace this major championship in a big way. With the strong partnership of Jeld-Wen, the Champions Tour and Peter Jacobsen Productions in place, and the potential the Portland business and civic communities bring to the table, we anticipate a very successful championship in Portland and a generous contribution to the event's designated charities.'
Peter Jacobsen, a player on the PGA Tour, owns Peter Jacobsen Productions the Portland-based company that will manage the tournament. Jacobsen, who is 48 years old, will be eligible to play on the Champions Tour in March 2004.
The Portland area first hosted the PGA Tour in 1936, then again in 1944, 1945 and 1947. The Tour later returned to play the Portland Open Invitational between 1959-66.
Other events in the Portland area included the Portland Golf Club hosting the 1982 U.S. Senior Open and the 1969 Alcan Open. Portland also was home to the Fred Meyer Challenge, which featured PGA Tour and Champions Tour players, from 1986-2002. The LPGA has held 30 tournaments in Portland dating back to 1972.