Three-year deal for Scottish Open

The future of the Scottish Open has been secured for the next three years, after the announcement yesterday of a new sponsor.

The global investment management group Aberdeen Asset Management has signed a three-year agreement to sponsor the tournament, which celebrates its 30th anniversary this year and will again be held at Castle Stuart, near Inverness, from 12 to 15 July.

The announcement was made at Edinburgh Castle, with Scotland's First Minister, Alex Salmond, present – the sponsorship package includes Scottish Government funding, as part of obligations to back European Tour tournaments in the run-up to the Ryder Cup at Gleneagles in 2014.

Prize details for the tournament were also announced, with a fund of £2.5m rising to a minimum of £3m for the 2013 and 2014 tournaments.

The agreement with Castle Stuart is a three-year deal, split into two guaranteed years with an option to continue for a third year, and therefore no decision will be taken about the venue for 2013 or 2014 until the conclusion of this year's event.

Barclays ended their 10-year association with the tournament after last year's event, which was won by the world No 1, England's Luke Donald.