ST. ANDREWS, Scotland (AP) — The Royal & Ancient is raising the total prize money to $4.5 million for the Women's British Open.

R&A chief executive Martin Slumbers says the prize fund — up from $3.25 million a year ago — is an important first step toward achieving parity with the men's game, but that it will take time.

The British Open next week has a $10.75 million purse.

The increase in prize money for the Women's British Open comes in the first year of AIG's five-year deal as the title sponsor.

The winner of the Women's British Open, to be played Aug. 1-4 at Woburn in England, will receive $675,000. That makes it the second-highest payout among the women's five majors. The U.S. Women's Open champion, Jeongeun Lee6, received $1 million from a $5.5 million purse last month.