Prize money for women's British Open raised by 40 percent

The Royal & Ancient is raising the total prize money to $4.5 million for the Women's British Open. 
R&A chief executive Martin Slumbers says the prize fund went up from $3.25 million a year ago and is an important first step toward achieving parity with the men's game, but that it will take time.

The British Open next week has a $10.75 million purse.

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The increase in prize money for the Women's British Open comes in the first year of AIG's five-year deal as the title sponsor.

The winner of the Women's British Open, to be played between August 1-4 at Woburn in England, will receive $675,000. That makes it the second-highest payout among the women's five majors.

The U.S. Women's Open champion, Jeongeun Lee, received $1 million from a $5.5 million purse last month.