The Badminton World Federation has unveiled a new tournament and prize money structure ©Getty Images

The Badminton World Federation (BWF) has unveiled a new tournament and prize money structure which is set to come into practice next year and continue until 2021.

Details of the changes were announced following a BWF Council meeting in Kuala Lumpur in Malaysia today.

Comprising of six levels, the structure will feature a solitary event in the level one category. 

That will be the governing body's end of season finals where there will be a prize fund of $1.5 million (£1.2 million/€1.4 million) up for grabs.

There will be three level two events, due to be held in China, England and Indonesia, with prize money of $1 million (£800,000/€930,000).

Five events have been chosen at level three where $700,000 (£565,000/€650,000) will be up for grabs.

Seven events have been planned for level four with prize money of $350,000 (£282,000/€325,000).

Level five, meanwhile, will be comprised of 11 events which will each offer a prize fund of $150,000 (£121,000/€139,000).

China, Denmark, France, Japan and Malaysia will host level three tournaments, it was revealed at the Council meeting.

BWF President Poul-Erik Høyer, left, and BWF deputy-president Gustavo Salazar Delgado, right, at today's BWF Council meeting in Kuala Lumpur ©BWF
BWF President Poul-Erik Høyer, left, and BWF deputy-president Gustavo Salazar Delgado, right, at today's BWF Council meeting in Kuala Lumpur ©BWF

Level four events are planned for Hong Kong, India, Indonesia, South Korea, Malaysia, Singapore and Thailand.

Australia, Chinese Taipei, Germany, India, Korea, Macau, New Zealand, Spain, Switzerland, Thailand and the United States have all been awarded level five competitions.

"Our tournaments have grown in stature and appeal significantly in recent years and, with each cycle, we evaluate progress and assess how we can improve our events," said BWF President Poul-Erik Høyer.

"We have determined the time is right for badminton to soar even higher and our key goals are to showcase our sport at a high level of presentation and competitiveness, to increase television coverage for the sport and to increase the star quality and popularity of the top players globally through increased television coverage."

It is hoped the new structure "will strengthen brand awareness, thus helping to increase exposure and commercial revenues" leading to an increase in quality within the events and more revenue for hosts.

The tour will involve an estimated 37 events, including a level six.

This will be an "open" level where BWF members can apply to host.