Hong Kong: The European and Asian tours on Friday said they would combine their business dealings and playing memberships in a "joint vision" which is likely to alter the landscape of world golf.
The two tours, who already co-sanction several tournaments a year, said in a joint announcement that they would now enter an "exclusive discussion period" to hammer out the details.
"We have enjoyed a wonderful relationship with the Asian Tour for many years and today`s announcement is the first step in the next stage of that partnership," European Tour CEO Keith Pelley said in the statement.
"I am excited about the prospect of what is to come and the opportunity that this announcement presents. Over the next few months we will work through, with our membership, all the specific details of what I believe will ultimately provide significant benefit to them."
The move comes at an uncertain time for golf with tournaments disappearing from both circuits in recent years and reports of falling playing numbers in some countries.
It is likely to give the European Tour extra clout in the key market of Asia, while the Asian Tour gains an edge over its rival regional circuit, OneAsia.
"By combining strength with strength, we will ensure that professional golf in Asia will continue to enjoy sustained growth in the long-term; plus deliver a stronger platform for our members to excel," said Asian Tour CEO Mike Kerr.
"This initiative will ultimately create an inimitable platform that will enhance our appeal to sponsors, partners and golf fans around the world."