The Masters was started by amateur champion Bobby Jones and investment banker Clifford Roberts. After his grand slam in 1930, Jones acquired the former plant nursery and co-designed Augusta National with course architect Alister MacKenzie.
First played 87 years ago in 1934, the tournament is an official money event on the PGA Tour, the European Tour, and the Japan Golf Tour. The field of players is smaller than those of the other major championships because it is an invitational event, held by the Augusta National Golf Club.
The tournament has a number of traditions. Since 1949, a green jacket has been awarded to the champion, who must return it to the clubhouse one year after his victory, although it remains his personal property and is stored with other champions' jackets in a specially designated cloakroom. In most instances, only a first-time and currently reigning champion may remove his jacket from the club grounds.
A golfer who wins the event multiple times uses the same green jacket awarded upon his initial win (unless they need to be re-fitted with a new jacket). The Champions Dinner, inaugurated by Ben Hogan in 1952, is held on the Tuesday before each tournament, and is open only to past champions and certain board members of the Augusta National Golf Club.
Beginning in 1963, legendary golfers, usually past champions, have hit an honorary tee shot on the morning of the first round to commence play.
According to en.wikipedia
