The British Masters will return to the European Tour calendar from October, it has been confirmed.

Last held in 2008, struggles to find a sponsor spelled the end for the event which had been staged annually since 1946.

However, after a agreeing a new deal with British broadcaster Sky Sports, the tournament will be hosted by four leading players on rotation over the next four years, beginning with Ian Poulter at Woburn Golf Club.

Luke Donald, Justin Rose and Lee Westwood will also take their turn at playing host to the event.

"It is fantastic news that the British Masters is back on The European Tour schedule and I am proud and delighted to be bringing the tournament to Woburn Golf Club, which is obviously a place that means a great deal to me," said Poulter.

"British golf has been in a good place for a number of years now with the success we have had internationally, and as players we have all been keen to get more tournaments on British soil, and in England in particular, so we are grateful to Sky Sports and The European Tour for helping to make this happen.

"I know Woburn is going to be a great venue for a European Tour event having hosted the British Masters previously, and I’m sure the fans will come out and really support the event again."

European Tour chief executive George O'Grady added: "The British Masters was an important fixture on The European Tour International Schedule from the Tour’s formation in 1972 through to its most recent staging in 2008, so we are naturally delighted it is returning to The Race to Dubai in 2015. 

"We are confident that it will prove once again to be a very popular tournament among players and spectators alike."

Poulter was runner-up to Rose the last time the British Masters was held at Woburn - a club with which he has a long association - in 2002.

The tournament will get under way on October 8 and will boast a prize fund of £3million.