Published: Feb 12, 2012 9:51 PM EST
Updated: Feb 13, 2012 7:31 AM EST

JOHANNESBURG (AP) - South Africa will stage a new World Golf Championships tournament beginning in 2013.

The $8.5 million Tournament of Hope, the fifth WGC event, will be held Nov. 28-Dec. 1 next year and is likely to clash with Tiger Woods' Chevron Challenge.

The organizing International Federation of PGA Tours said Sunday the tournament would be co-sanctioned by South Africa's Sunshine Tour and prize money would count on the European Tour's money list.

South Africa's tour had initially said the event would be the world's richest, with prize money of $10 million on offer. But it will now offer the same purse as the three U.S.-based WGC events: the Accenture Matchplay, the Cadillac Championship and the Bridgestone Invitational.