The majority of the investment for the renovation comes from local and central government, with £10 million provided by the public sector. The current total prize fund at the World Championship is £2,395,000, with the winner's prize set at £500,000 since Judd Trump's win in 2019. Matchroom Sport president Barry Hearn says snooker will reach a £1 million top prize at some point.
'Yes, we will. We will definitely see it. But it will take a little while,' Hearn stated.
He wants the total prize fund to more than double to £5 million as quickly as possible, noting that the new deal inspires him to think about increasing prize money. According to Hearn, there will likely be an announcement on prize money during the upcoming World Championship starting next month, with a plan to be shared in a few weeks. The specific timeline for reaching the £5 million target and the details of any proposed increases have not been disclosed.
Hearn compared snooker's situation to darts, where Luke Littler won £1 million as the top prize at the World Darts Championship in January 2024. 'It’s very difficult to compare darts and snooker. Darts has been something that in my 50 years I’ve never seen anything like.
The rights fees from TV are far bigger than any other sport,' he said, adding that darts TV rights fees are increasing by 250-300% around the world while most sports' rights fees are going down. Hearn also highlighted new involvement in China as creating opportunities for snooker's intellectual property, including events, cues, accessories, clothing, and health drinks. The exact revenue impact from this Chinese involvement and how it will directly boost prize money remains unclear.