(Reuters) – The PGA Tour and DP World Tour on Tuesday announced a joint venture partnership amid the ongoing threat posed by the Saudi Arabia-backed LIV Golf Invitational Series that has already poached a handful of high-profile golfers.
As part of the new partnership, which runs through to 2035, the PGA Tour will increase its existing stake in European Tour Productions to 40% from 15%.
In addition, from 2023, the top 10 players in the DP World Tour’s rankings will receive PGA Tour cards for the following season. The DP World Tour will also annual prize funds to its membership for the next five years.
(Reporting by Frank Pingue in Toronto)