Prize money on the PDC circuit will exceed £15 million in 2022, with Players Championship events to be worth £100,000 apiece and the Premier League increasing to a £1 million prize fund.
As part of over £2 million of increased prize funds across the next two years, prize money for the 2022 World Matchplay will rise to £800,000 – including £200,000 to the champion.
The World Grand Prix, Grand Slam and Players Championship Finals will also benefit from boosted prize funds in 2022, while £750,000 is to be added to the 30-event Players Championship series to increase prize money to £100,000 for each tournament.
In addition, further televised events and the PDC European Tour are set to be boosted from 2023 onwards as the sport’s expansion at professional level continues.
“This is a massive investment in prize money of over £2 million in the next two years but one that’s appropriate as part of our continued global expansion,” said PDC Chairman Eddie Hearn.
“Our proactive response to the pandemic last year helped to keep the sport running and professional players active, and as a reward for the stars who stuck with us through those tough times we’re delighted to bring in these increases.
“This reflects not only our resilience throughout the pandemic but the strength of our partnerships, and we’re hugely optimistic about the future.
“Having pushed beyond £15 million prize money for 2022, we’ve now set our sights on breaking past £20 million on the circuit in the next few years.
“All players will play a part in our growth as we move forward, and injecting £750,000 into Players Championship prize money alone in 2022 shows the importance of these tournaments now on the ProTour and is a huge incentive for all Tour Card Holders – especially those who come through Qualifying School each January with the dream of emulating Gerwyn Price.
“We’re also keen to continue rewarding the elite stars for the success they achieve in our biggest TV events, and it’s another milestone for us that the Premier League will have a £1 million prize fund next year.
“Allied to the increased prize money across our other Premier events from the second half of 2022 onwards, this is an extremely exciting time.
“We’re continuing to look at the addition of further global events, supporting our investment in affiliated tours around the world, Challenge and Development Tours and the Women’s Series to enhance the production line of players which will be showcased at the World Championship in the coming weeks.”
Premier League – £1 million (was £855,000 in 2021)
World Matchplay – £800,000 (was £700,000 in 2021)
World Grand Prix – £550,000 (was £450,000 in 2021)
Grand Slam of Darts – £650,000 (was £550,000 in 2021)
Players Championship Finals – £600,000 (was £500,000 in 2021)
Players Championship Events – £100,000 per event x 30 events (was £75,000 per event in 2021)
Women’s Series – expanding to 20x events worth £5,000 per event (was 12 events in 2021)
Barry Hearn OBE has stepped down from his role as Chairman of the PDC and will be replaced by his son Eddie Hearn.
Hearn has been Chairman of Matchroom Sport since 1982 but will now step aside to become President of the Group in an advisory role.
The 72-year-old acquired a majority shareholding in the PDC 20 years ago but will now hand the reins over to his son Eddie – who has been at the forefront of Matchroom’s boxing boom.
Barry Hearn OBE said: “It has been a huge honour to have worked with some of the greatest sports people on the planet across the last 40 years and enjoyed so many wonderful experiences across our spectrum of events in that time, from snooker’s glory days of the 1980s to record-breaking boxing shows and the incredible growth of professional darts, as we have created opportunities for thousands of sportsmen and women during that time.
“Great challenges have been met, but none more so than the Covid pandemic. I have been determined to stay in charge until this disaster passed and now there is light at the end of the tunnel and I believe it is the right time to pass control of Matchroom to my son Eddie and the brilliant teams we have assembled across all our activities.
“I shall continue to be available to all Matchroom companies as non-executive President, an advisory role concentrating on group strategy and global expansion, but Eddie will be elevated to Group Chairman with overall responsibility for the entire group.
“I could not be prouder of the Matchroom Group of Companies and the outstanding teams that operate in a highly competitive marketplace.
“Matchroom has grown from two employees operating in an office under a snooker hall in Romford in 1982, to the global powerhouse it is today due to the efforts and performances of all our staff, contractors, broadcasters, and partners.
“I know the company is in good hands with Eddie at the helm and with my daughter Katie heading up Matchroom Media, Matt Porter at the PDC, Frank Smith at Matchroom Boxing, Emily Frazer at Matchroom Multi Sport, Steve Dawson my Chief Executive for over 30 years and Dan Godding at the PGA EuroPro Tour, along with all their teams.
“Now is the time to give all Matchroom employees the opportunity to take this great British company to the next level and beyond.”
Eddie Hearn said: “Anyone that knows me is well aware of what Matchroom means to me and our family. It has a legacy that spans 40 years from a small office under a snooker hall in Romford to a global powerhouse of sports entertainment.
“My father has dedicated his life to the company and since I joined in 2004 I have done the same.
“Now a greater responsibility falls on my shoulders and I am very proud to continue his great work and lead the business and the incredible team that we have built at Matchroom.
“We have seen astounding growth in the last ten years but we have only just begun. I look forward to continuously evolving and continuing the global growth of this astonishing family business.”
As well as the PDC, Eddie will also become Chairman of Matchroom Boxing USA, Matchroom Media and the PGA EuroPro Tour.
Current PDC Chief Executive Matthew Porter will also become Chairman of Matchroom Multi Sport but will remain in control of PDC operations.
Barry Hearn has been instrumental in transforming darts into a global sporting phenomenon over the past three decades, with an annual prize fund in excess of £14 million.
He oversaw the move of the World Championship from the Circus Tavern in Purfleet to London’s Alexandra Palace, as well as the vast growth of Premier League Darts into sold-out arenas across the UK and Europe.
Hearn has also taken the sport into new territories via the World Series, including Asia, Australia and returning to the United States after a lengthy absence.
Eddie, who joined Matchroom in 2004, has been instrumental in staging some of the biggest fights in recent British boxing history and secured a record $1 billion deal with live streaming platform DAZN to stage 16 fights a year across America.