Tennis Australia have confirmed that they will offer record prize money at next year's Australian Open tournament.
The total prize pool for the opening Grand Slam of the season has risen by 15%, with a record total of £19.3m now on offer.
A number of leading lights from the men's game had threatened to boycott the event if they were not offered a greater share of the revenue prior to Tuesday's announcement.
CEO of Tennis Australia Steve Wood confirmed to Reuters that a decision must still be made on how to divide the prize pool.
Wood said: "We'll make the decision [on distribution] later in the year.
"It was really just time to listen to what the players are telling us in terms of the rewards for the massive growth we've had at the Australian Open and compensating them accordingly."
ATP chairman executive xhairman and president Brad Dewett also voiced his approval over the increase in prize money.
Dewett said: "We welcome the increase in prize money for the 2013 Australian Open and acknowledge the ongoing efforts of Tennis Australia to recognise the role of the players in the success of the tournament.
"We also look forward with confidence to continuing these successful discussions with a view to a longer-term understanding."
The announcement makes the tournament the richest annual event in the Australian sporting calendar, with reigning champions Novak Djokovic and Victoria Azarenka due to begin the defence of their titles on Monday, January 14.