BBC Sport has retained the broadcasting rights to The Masters and secured a new three-year extension up to and including 2010.
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The agreement provides live television, radio and additional online rights.
"The deal marks a significant milestone in the relationship between the BBC and The Masters," said BBC Director of Sport Roger Mosey.
"We are proud of our history together, and this allows us to continue to develop the relationship."
The tournament held at Augusta has been screened by the BBC since 1986.
Mosey added: "The deal guarantees free-to-air coverage of a truly great tournament to the UK public."