Augusta National Golf Club was founded by Bobby Jones, the legendary amateur champion, and Clifford Roberts, an astute investment banker in New York. Upon his retirement from championship golf in 1930, Bobby Jones had hoped to realize his dream of building a golf course. Following a brief conversation with Clifford Roberts, with whom Jones had met several times during the mid-1920s, it was decided the Club would be built near Augusta, Georgia, provided a suitable piece of ground was available. Thomas Barrett, Jr., a mutual friend of Jones and Roberts, was consulted and recommended a 365-acre property called Fruitland Nurseries. An option was taken on the property for $70,000. It was decided to establish a national membership for the Club, and Jones proposed Augusta National would be an appropriate name. Construction on the new course began in the first half of 1931 and the course opened in December 1932 with a limited amount of member play. Formal opening took place in January 1933.
Looking to provide a service to golf by hosting a tournament, Bobby Jones and Clifford Roberts decided to hold an annual event beginning in 1934. The final decision was made at a meeting in New York at the office of Club member W. Alton Jones. Roberts proposed the event be called the Masters Tournament, but Bobby Jones objected thinking it too presumptuous. The name Augusta National Invitation Tournament was adopted and the title was used for five years until 1939, when Jones relented and the name was officially changed. The first Tournament was held March 22, 1934, and beginning in 1940, the Masters was scheduled each year during the first full week in April.