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PGA Tour Announced Big Joint Venture On Tuesday

Two golf backs next to the PGA Tour logo.

CHARLOTTE, NC - MAY 04: A view of the golf bags used by Phil Mickelson and Jason Day during the second round of the 2018 Wells Fargo Championship at Quail Hollow Club on May 4, 2018 in Charlotte, North Carolina. (Photo by Streeter Lecka/Getty Images)

The PGA Tour and DP World Tour bolstered their strategic alliance by announcing a 13-year joint venture partnership.

On Tuesday afternoon, the two parties held a press conference to  reveal a partnership that "will provide additional competitive opportunities for professional golfers of both Tours."

Starting in 2023, the top-10 players in the end-of-season DP World Tour Rankings will receive PGA Tour cards the following season. The DP World Tour will also help the PGA Tour establish new international events, and its golfers will have access to those competitions.

The PGA Tour's stake in European Tour Productions will rise from 15 to 40 percent.

“It is a natural extension and progression of what we have been doing over the past few years and I passionately believe that this move is the right thing for our players, our Tour, our fans, and the game of golf in general," DP World Tour CEO Keith Pelley said. "Our two tours have undoubtedly drawn closer over the past few years, and today’s announcement strengthens both Tours for the betterment of both memberships."

PGA Tour Commissioner Jay Monahan called the new deal "a powerful agreement for both sides."

"We will continue to collaborate on a global schedule and key commercial areas as we draw our organizations and memberships even closer together while innovating to provide the most entertaining and compelling golf possible to fans around the world," Monahan said. "On behalf of the PGA TOUR, I want to credit and commend Keith Pelley and his team at the European Tour Group for their incredible commitment to this effort."

The PGA Tour maintained an international ally amid escalating competition from LIV Golf. Their new partnership deal runs through 2035.