DP World Tour golfers will receive guaranteed money for first time in the 2023 season

DP World Tour chief executive Keith Pelley said the overall prize fund for the 2023 season represents almost $30m more than five years ago

Players on the European-based DP World Tour will receive guaranteed money for the first time in the 2023 season.

Prize money rises to a record $144.2m (£124m) for the circuit's tournaments outside the four men's majors and WGC Matchplay event in Texas which also count on the tour's schedule.

But Valderrama, the recent home of the Andalucia Masters and 1997 Ryder Cup, will not stage a tournament.

It is thought the Spanish venue will stage one of LIV Golf's events in 2023.

A new "Earnings Assurance Programme" guarantees a minimum $150,000 (£133,120) to players who compete in 15 or more events on the DP World Tour, which tees off in the southern hemisphere later this month.

DP World Tour chief executive Keith Pelley said the change "recognises and rewards" players' achievements.

The initiative was agreed at a meeting of the tour's tournament committee last week. It is being underpinned by the circuit's enhanced partnership with the American-based PGA Tour which was strengthened last June.

The US tour is introducing a guaranteed income of $500,000 for its players, among a raft of measures introduced to help combat the threat posed by the Saudi Arabian-funded LIV outfit.

"I have always believed that it is an incredible accomplishment for any professional golfer to simply gain their playing rights," Pelley said in a statement.

"And this new initiative recognises and rewards that achievement.

"Although we will never lose the magic of the meritocracy and purity of a performance-based structure, this now offers certainty of income to those players who have made it to the pinnacle of the professional game in Europe."

Pelley's schedule for the new season includes at least 39 tournaments to be played in 26 countries, starting with the jointly sanctioned Australian PGA Championship in Brisbane and the Joburg Open in South Africa.

Both tournaments begin on 24 November.

There will be increased prize funds from $8m to $9m for the first four Rolex Series events in 2023; the Abu Dhabi Championship, Dubai Desert Classic, Scottish Open and PGA Championship at Wentworth.

The schedule includes new tournaments in Singapore, Thailand and South Korea, while the Irish Open at the K Club moves to a new date in early September.

The Italian Open will be played in early May at Marco Simone Golf and Country Club which will stage the Ryder Cup near Rome in the autumn.

"Our overall prize fund for the 2023 season represents almost $30m more than five years ago and also underlines the strength of our partnership with the PGA Tour, who are working with us to drive revenue and a long-term growth plan," Pelley added.

This year's season concludes with the DP World Tour Championship in Dubai from 17-20 November.