PGA Tour commissioner Tim Finchem has signed a new four-year contract to remain in his position until June 2016.

Finchem, who has held the position of PGA Tour commissioner since 1994, recently commented that he would welcome an extension to his contract which was due to expire in 2012. He has also agreed two new nine-year deals with American broadcasters CBS and NBC.

Finchem is the third commissioner of the PGA Tour following Joe Dey and Deane Beman, and five independent directors along with four player directors agreed his renewed contract.

Victor Ganzi, chairman of the PGA Tour policy board, said: “Tim has positioned the tour for continued growth in areas such as player prize money, charity, sponsor value and growing the game around the world and we are fortunate that he has agreed to continue as commissioner for another four years.”

Finchem has played a key role in continuing the financial success of the PGA Tour despite the global financial situation. He has also been a leading figure in key events including The Presidents Cup, The World Golf Championships and the FedEx Cup play-offs.

Finchem said: “It is an honour to work in such a wonderful sport with the world’s best athletes and a terrific management team. I look forward to continuing to work closely with them in the future.”