The deal, which saw the American and European tours agree to work with Saudi Arabia’s Public Investment Fund, will combine the commercial businesses and rights of all three into a new, collectively owned, for-profit entity.

According to the statement, this would “ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game’s best players”.

There was no mention of how this might affect the Asian Tour, which has benefited from significant investment from LIV and whose players were given a pathway into the higher levels of the game.

An Asian Tour spokesman told the Post there would be no comment until Wednesday. The tour’s CEO, Cho Minn Thant, is expected to arrive in Hong Kong this weekend, and is scheduled to appear before the city’s town planning board on Monday object to the proposal to develop part of Hong Kong Golf Club.

Announcing the deal, the PGA Tour said the Saudi-owned PIF would put money into the new entity, which has yet to be named, to help “its growth and success”.

“The new entity will implement a plan to grow these combined commercial businesses, drive greater fan engagement and accelerate growth initiatives already under way,” the statement said.

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“With LIV Golf in the midst of its second, groundbreaking season, the PGA Tour, DP World Tour and PIF will work together to best feature and grow team golf going forward.”

Monahan said that after two years of “disruption and distraction, this is a historic day for the game we all know and love”.

“This transformational partnership recognizes the immeasurable strength of the PGA Tour’s history, legacy and pro-competitive model and combines with it the DP World Tour and LIV – including the team golf concept – to create an organisation that will benefit golf’s players, commercial and charitable partners and fans,” Monahan said.

“Going forward, fans can be confident that we will, collectively, deliver on the promise we’ve always made – to promote competition of the best in professional golf and that we are committed to securing and driving the game’s future.”

PIF governor Yasir Al-Rumayyan, whom Monahan praised for his “forward-thinking approach”, called it a “very exciting day for this special game”.

“We are committed to unifying, promoting and growing the game of golf around the world and offering the highest-quality product to the many millions of long-time fans globally, while cultivating new fans.

“There is no question that the LIV model has been positively transformative for golf. We believe there are opportunities for the game to evolve while also maintaining its storied history and tradition.

“This partnership represents the best opportunity to extend and increase the impact of golf for all. We look forward to collaborating with Jay [Monahan] and [DP World Tour boss] Keith [Pelley] to bring the best version of the game to communities around the world.”

According to the terms of the agreement, a board of directors will oversee and direct all the new entity’s golf-related commercial operations, businesses and investments.

There is also a proposal for a “cohesive schedule of events” that will be exciting for fans, sponsors and all stakeholders.

“PIF will initially be the exclusive investor in the new entity, alongside the PGA Tour, LIV Golf and the DP World Tour,” the statement said.

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“Going forward, PIF will have the exclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity, including into the PGA Tour, LIV Golf and DP World Tour.

“The PGA Tour will appoint a majority of the Board and hold a majority voting interest in the combined entity.”

Pelley, who only last month levied heavy fines on the likes of Lee Westwood, Sergio Garcia, and Ian Poulter for joining LIV, called it a momentous day, and said his organisation was “delighted to be able to not only reignite our relationship with PIF, but also to have the opportunity to build on our current Strategic Alliance partnership with the PGA Tour”.

“Together we will be stronger than ever and well positioned to continue to bring the game to all corners of the globe,” he added. “To partner in this new entity and influence the growth of the game for all our DP World Tour members is energising and exciting.”