Golf's two major Tours are set to explore all aspects of collaboration, including on global media rights in certain territories.

This comes after the PGA Tour acquired a minority investment stake in European Tour Productions, the European Tour's media production company which produces and distributes content internationally.

The Tours will also work in partnership in a number of other areas including global scheduling, prize funds and playing opportunities for the respective memberships.

As part of the alliance, PGA Tour commissioner Jay Monahan will take a seat on the European Tour Board. 

"We are thrilled to announce this further strengthening of our partnership with the European Tour, and we look forward to working together for the benefit of the men's professional game and for golf fans around the world," Monahan said. 

European Tour chief executive Keith Pelley described the announcement of the alliance as "momentous".

"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," he said.

"The announcement is the formalisation of a closer working relationship between the Tours in recent years. 

"It was one which was crystallised earlier this year when both Jay and I were part of the working group containing representatives of the four Majors and the Ladies Professional Golf Association, 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."

Both Tours were significantly impacted by the COVID-19 pandemic but have now resumed competition. 

The PGA Tour started again in June, while the European Tour got back underway in July.