The two major world golf tours have announced that they've signed a "strategic alliance" to work together.
The PGA Tour have acquired a minority investment stake in European Tour Productions, with commissioner Jay Monahan taking a seat on the board.
"We are thrilled to announce this further strengthening of our partnership with the European Tour," Monaghan said.
"We look forward to working together for the benefit of the men's professional game and for golf fans around the world.
The move will be seen in some quarters as a response to the threat posed by the proposed Premier Golf League.
"This partnership is an historic moment for the game of golf and is a fantastic opportunity for both the European Tour and the PGA TOUR to explore ways to come together at the very pinnacle of our sport and work in unison for the benefit of the men's professional game," European Tour chief Keith Pelley said of the agreement.
"Today's announcement is the formalisation of a closer working relationship between the Tours in recent years. It was one which was crystalised earlier this year when both Jay and I were part of the working group containing representatives of the four Majors and the LPGA, a group which helped shape the remainder of the golfing calendar for 2020 during unprecedented times.
"We shared the challenges of working through a year neither of us could have ever imagined and we found definite synergies in many areas of our respective Tours. That gave us the impetus to move forward together and arrive at this momentous announcement we are making today."
