Arnold Palmer Receives Byron Nelson Prize

Arnold Palmer has been honored with the Bryon Nelson Prize.

In accepting the prize Tuesday, Palmer said it was a "great thrill" to accept an award in Nelson's name.

The Byron Nelson Prize was established following Nelson's death in 2006 and is given to a person or organization in golf who exemplifies the ideals of "giving back" that Nelson personified.

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The prize comes with a $100,000 contribution to charity. That will be made in Palmer's name to the Arnold D. And Winifred W. Palmer Charitable Foundation, which supports hospitals for women and children.

Part of the permanent trophy Palmer received includes one of 14 unfinished wooden clocks that Nelson was working on and were found in his workshop after he died.

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