World Snooker has announced that electronics manufacturer LG Electronics will sponsor the sport's premier circuit.
Davis is delighted by the cash injection into snooker
The agreement covers seven events and the total prize fund will be £3.5m.
The Players Championship, which replaces the Scottish Open, will provide the climax to the tour.
However, the Embassy World Championship and the Masters will be separate.
LG ELECTRONICS EVENTS
LG Cup, 4-12/10/03.
British Open, 8-16/11/03
UK Championship, 18-30/11/03
Welsh Open, 19-25/1/04
European Open, 1-7/3/04
Irish Masters, 21-28/3/04
Players Championship, 3-11/4/04.
Former world champion Steve Davis said: "I'm very excited about the coming season. It's great to see that LG Electronics are equally enthusiastic in their support of snooker."
A spokesman for World Snooker added: "We are delighted at LG Electronics' sponsorship of the Tour. This is an exciting development and will help us to boost snooker's reputation as one of the UK's most popular sports."