While professional golf in the United States waits to see what effect the credit crunch will have on the long-term future of a PGA Tour heavily reliant on the backing of financial institutions and motor manufacturers, the European Tour looks to be sitting pretty for at least the next five years.

On the eve of the HSBC Champions tournament in Shanghai, the first event of the 13-month “Race to Dubai” that carries a $20 million (about £12.5 million) prize fund at the season-ending Dubai World Championship next November, the organisation’s main backer, Leisurecorp, claimed yesterday that its deal with the European Tour is “crunch-proof”.

“The budget for the Race to Dubai has been built into our plans on existing business and is not reliant on future property sales,” David Spencer, the chief executive of Leisurecorp’s golf division, said. “We have made a five-year commitment to the European Tour and the world of golf. We know the responsibility of that commitment and are driven by delivering on it and, hopefully, exceeding it.”

With the Dubai-based property and golf-course development company — which also owns Turnberry, venue for the 2009 Open Championship — putting up in excess of $170 million over the next five years, George O’Grady, the tour’s executive director, has been able to beef up his schedule, the extra rewards helping to persuade new players, among them Camilo Villegas, of Colombia, and Anthony Kim, of the United States, to join the tour.

“When you look down the field and see who is playing here, it is beyond our wildest dreams,” Spencer said. “Look at the three-ball of Phil Mickelson, Ian Poulter and Jeev Milkha Singh: it represents a wide diversity of international talent.”

Six of the world’s top ten are here — the champion last year, Phil Mickelson (No 2), Sergio García (3), Padraig Harrington (5), Robert Karlsson (6), Villegas (7) and Kim (8) — plus a host of other star players. Such a strong field ramps up the world ranking points on offer at an event, which helps to attract other players. One hoping to take advantage of that is García, who has climbed to his highest ranking and has his sights set on overhauling Mickelson.

The Spaniard has been in good form of late, having won the Castellón Masters two weeks ago and finished tied for fourth at the Volvo Masters. He has worked out that a win here, and with it about $835,000 in prize- money, is likely to take him to second in the world rankings behind Tiger Woods.

While García showed his serious side when discussing his ambitions on the course, he was amused by suggestions from a local journalist that there was gossip about him splitting with his girlfriend, Morgan-Leigh Norman, the daughter of Greg Norman. “I hope not,” he said smiling, while sneaking a look out of the press centre window. “She’s here this week with me.”