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The 2019 Shanghai Masters will run from September 9 to 15.
The Shanghai Masters became the richest invitation event in snooker history in 2018.
The tournament had been a ranking event since 2007 but in 2018 it was a 24-man invitation event with a total prize fund of £725,000.
A new five-year agreement between World Snooker, promoter Juss Sports and the Chinese Billiards and Snooker Association will see prize money increase to £750,000 in 2019, £775,000 in 2020, £800,000 in 2021 and £825,000 in 2022.
The 24 invited players are the top 16 on the two-year ranking list, the next four players of Chinese origin, two players from the CBSA China Tour and two from China’s Amateur Masters series.
World Snooker Chairman Barry Hearn said: “We are delighted to come to this agreement to secure the long-term future of the Shanghai Masters. With four major ranking events being held in China each year, the market is ready for a new concept event which rewards the top players. Creating a unique 24-man invitation event will give the tournament an exclusive identity. A true “Shanghai Masters”.
Shanghai Masters former champions:
2007 Dominic Dale
2008 Ricky Walden
2009 Ronnie O’Sullivan
2010 Ali Carter
2011 Mark Selby
2012 John Higgins
2013 Ding Junhui
2014 Stuart Bingham
2015 Kyren Wilson
2016 Ding Junhui
2017 Ronnie O'Sullivan
2018 Ronnie O'Sullivan