Ian Woosnam will be defending the title over the Bank Holiday Weekend when the winner will earn £200,000.
Ken Schofield, Executive Director of the PGA European Tour, said: “This is another significant landmark in the history of the European Tour with a Tour-organised event for the first time offering a top prize of £200,000.
“Once again it underlines the superb commitment Volvo continue to give to the European Tour and its Members. For 11 years they have been at the forefront of encouraging our development, and we are sincerely appreciative of their support.”
With the Volvo Masters to be played at Montecastillo on October 29-November 1, where the unique Volvo Ranking Bonus Pool will be decided, this announcement also confirms that Volvo, the Tour’s principal Sponsor, will have contributed more than £20 million in prize money alone on the European Tour.
Mel Pyatt, Managing Director of Volvo Event Management, the company which oversees Volvo’s involvement in sport, said: “We look forward to another exciting Volvo PGA Championship at Wentworth Club. The success of the Championship continues Volvo’s outstanding partnership with the European Tour and reflects our joint success since 1988. This has been built on our belief in the quality and high image that golf portrays when linked to long term commitment and strategic planning.”
Last year Woosnam won his second Volvo PGA Championship title from a field of the highest quality when with a last round of 70 he finished with a 13 under par total of 275 - two strokes ahead of Darren Clarke, Ernie Els and Nick Faldo.
Woosnam said: “This is one of the great Championships of the world. To win from such a strong field is always satisfying and to win on a tough course like the West at Wentworth makes it even better.”
Colin Montgomerie, who finished fifth last year following a closing best-of-the-Championship 64 and went on to win a record fifth successive Volvo Ranking title, said: “The Volvo PGA Championship is very important. It’s the European Tour’s flagship event, and I would obviously like to win the title.”
Langer established the record score for the Championship when he put together rounds of 66, 69, 68 and 67 to win in 1987 with an 18 under par total of 270. He will be attempting to equal Faldo’s record of four PGA Championship victories.
Costantino Rocca, who won the Volvo PGA Championship in 1996, said: “The Volvo PGA Championship is the most important tournament in Europe after the Open Championship so to win it meant so much to me. That is why I immediately dedicated the win to my family for all their support.”
The European Tour and Volvo announced in 1995 a four-year extension to their partnership, first established in 1988, through which Volvo, as Principal Sponsor of the Tour, have continued their sponsorship not-only of the Volvo PGA Championship, Volvo Masters, Volvo Ranking and Volvo Bonus Pool, but also the Volvo Scandinavian Masters, the Volvo Courtesy Car Support Programme and the comprehensive Volvo broadcast sponsorship package of the European Tour’s European-wide telecasts.