Without a title sponsor, purse drops to $5.6 million in Memphis

Prize money for St. Jude drops $500,000

MEMPHIS, Tenn. — The purse for the St. Jude Championship has been lowered $500,000 because it no longer has a title sponsor.

The PGA Tour event dropped Stanford Financial from its name in March after federal authorities froze Stanford’s assets during an investigation into investment and securities fraud.

Prize money for the tournament next week will be $5.6 million, down from $6.1 million. This is the first time this year a PGA Tour purse was reduced.

The tour thanked the community in a statement Friday and said it was pleased it could hold the tournament even without a title sponsor.