The Open Championship is the oldest of the four major championships in men's golf. It is the only major held outside the USA and is administered by the R&A, which is the governing body of golf outside the U.S. and Mexico. The event takes place every year on one of nine historic links courses in the United Kingdom. In 2007, The Open had a prize fund of £4.2 million (at the time, approximately €6.197 million or $8.638 million). Historically, The Open's prize money was consistently the least of the four majors; since 2002 it has been the highest. The tournament is often referred to as the British Open outside the United Kingdom. The Open is played on the weekend of the third Friday in July, and is the third major to take place each year following The Masters and the U.S. Open and before the PGA Championship. The Open features a four hole playoff for all golfers tied at the end of regulation. It begins on the first hole, and then moves to the 16th, 17th, and 18th. If any golfers remained tied at this point, they repeat the 18th hole until there is a winner.