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The new company will have representatives from both Tours on the Board of Directors and it will be the point of contact for tournament promoters for all existing and new co-sanctioned tournaments including Senior Tour events.
The commercial, media and marketing departments of both Tours will work together with a specific team assigned to develop opportunities around all tournaments.
Both the Tours feel that this can help in invigorating golf internationally by fortifying existing co-sanctioned tournaments, generating new competition at all levels and reinforcing relationships with sponsors, tournament promoters, national associations and regional professional bodies.
The 56 co-sanctioned tournaments held in the last 10 years have had a total purse of US $112 million working out to an average of $2 million per tournament. These events have been held across China, Hong Kong, India, Indonesia, Korea, Malaysia, Qatar, Singapore and Chinese Taipei with the winners including Ernie Els, Retief Goosen, Padraig Harrington, Phil Mickelson, Jose Maria Olazabal and Vijay Singh, all Major Champions.
George O'Grady, Chief Executive of The European Tour, said: "This alliance is born out of a 10-year working relationship between both Tours during which we have reached understanding on tournament field eligibility, suitable scheduling of tournaments, excellent venues, TV production and distribution and prize funds.
"What we now have is a company ideally positioned to not only exploit and enhance the product across the two continents but also to be easily accessible to international companies looking to develop their own individual strategy in both areas."
According to sources, the strengthening of co-operation between both Tours will create further opportunities for the region's players to establish themselves on the world stage.
