NEW YORK, NY, USA - The United States Tennis Association (USTA) announced on Wednesday that the US Open will almost double its annual prize money over the next five years.

As part of an agreement with the WTA and ATP tours, the tournament will increase its prize pool, which last year stood at $25.5 million, to $50 million in 2017. Prize money for this year's US Open will increase by $4.1 million beyond the then-record $4 million jump announced last December, taking the total to $33.6 million.

Exact round-by-round distribution of prize money will be unveiled closer to the start of the tournament, which runs from August 26 to September 9, with further prize money boosts to be announced annually.

The USTA did, however, confirm its commitment to equal prize money for men and women. But it is not ready to say exactly how prize money will go up between now and 2017, other than that it will increase each year.

"We applaud the USTA's long-term commitment to increased and fair compensation for our athletes," WTA Chairman and CEO Stacey Allaster said. "For 40 years the USTA has been a leader for equality and for women's tennis, and today's announcement is a testament to their continued, bold vision for the sport. On behalf of all the WTA and its players, I thank the USTA for its strong record of progressive leadership and support."

"With this unprecedented commitment to long-term prize money and recognition of the value that players bring to the sport, we will gain stability for the sport so that we can focus our energy on growing the game," USTA president David Haggerty added.