US Open prize money will reach $50 million by 2017 and the event will return to a Sunday finish in 2015 under a five-year deal announced on Wednesday between organizers and the ATP and WTA tours.

The US Tennis Association boosted the base prize money for this year's US Open by $4.1 million beyond the $4 million jump announced last December, raising the total to $33.6 million compared to $25.5 million in 2012.

"These increases are the largest in the history of the sport, representing a significant step forward in truly recognizing the input the players have in the success of the US Open," ATP President Brad Drewett said.