World Match Play moves from Wentworth

(CNN) -- The World Match Play Championship is to move from its Wentworth home to southern Spain next year and will adopt a new round-robin format.

The tournament, which has been held annually since 1964, will not be staged this year before switching to the Finca Cortesin course near Marbella for 2009.

Volvo will take over from HSBC as new sponsors with prize money of approximately $2.5 million at stake with an elite field of 16 split into four groups.

Places will be offered to defending champion Ernie Els; the leading world-ranked player from each of Europe, North America, South America, Asia, Australasia and the Africa/Middle East region; four more from both the world rankings and the European Tour Order of Merit, and finally next year's Volvo China Open champion.

The groups of four will play each other on the first two days over 18 holes, with the group winners progressing to the 36-hole semifinals on the Saturday.

The tournament, the brainchild of International Management Group's founder Mark McCormack, has been graced by golfing greats such as Arnold Palmer, Jack Nicklaus, Gary Player and in recent times Tiger Woods.

Els, who has a home on the Wentworth estate, has won the event a record seven times and is delighted that it will continue.

"The World Match Play Championship has meant a huge amount to me and I am delighted to hear the event is going to continue to grow even further in stature in the future," he said on Tuesday.

Golf's European Tour is undergoing a major reshuffle of its end of season events with season-ending Volvo Masters being staged at Valderrama for the last time this October before the Swedish car company turns its attentions to their new tournament.

The new season-ending event from next year will be the Dubai World Championship with a staggering $10 million on offer.

The Order of Merit is being re-named the Race To Dubai.