Seve Ballesteros and Colin Montgomerie are to be the two captains in a new Ryder Cup-style match to be played at Sunningdale, England, from April 14-16.
Ballesteros will lead a Continent of Europe side against Montgomerie's Great Britain and Ireland team, with £1.5million prize money at stake.
The two superstars of European golf will each play and will have at their disposal the seven leading available players on last season's Order of Merit, one from this year's money list up to April 9 along with one wild card.
Playing for the Seve Ballesteros Trophy, the 10-man teams will compete in foursomes, fourballs, greensomes and singles, with each member of the winning team receiving £92,000 and the losers £55,000 each. It is intended that the match will be played biennially in non-Ryder Cup years.
"The first match will be played in Great Britain because I wish to repay the British people for making Spain the host country for the 1997 Ryder Cup," said Ballesteros, captain of the side which retained the Ryder Cup at Valderrama three years ago.
"I have also received throughout my career fantastic support from the British public, whose love for the game of golf is second to none."
"I am delighted to have been appointed the captain of the Great Britain and Ireland team," said Montgomerie.
"This will be a very special match in which to be involved, not simply because it carries Seve's name but also because so many great players will be competing."
The match, which comes a week after the Masters at Augusta, is a revival of the Hennessy Cognac Cup, which was last played in 1984.
The seven leading British and Irish players from last year's Order of Merit are Montgomerie, Lee Westwood, Paul Lawrie, Padraig Harrington, Darren Clarke, Mark James, John Bickerton and Gary Orr.
Those eligible for the Continent to join Ballesteros are Sergio Garcia, Miguel, Angel Jimenez, Jarmo Sandelin, Jean Van de Velde, Thomas Bjorn, Bernhard Langer and Alex Cejka.
