The European Tour and PGA Tour have signed a "strategic alliance" which will see the organisations work together on scheduling and playing opportunities for members.

The PGA Tour will acquire a minority investment stake in European Tour Productions, which produces and distributes the Tour's content, and commissioner Jay Monahan will also take a seat on the board of the European Tour.

European Tour chief executive Keith Pelley said: "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.

"Today's 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 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."

Monahan added: "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."

The move will be seen in some quarters as a response to the threat posed by the proposed Premier Golf League. Under the proposals outlined in January by the World Golf Group, 48 players would compete in an 18-event season offering a total prize fund of over €200million.

Rory McIlroy, who was the world number one at the time, was the first player to rule himself out of playing in the league and was later joined by Jon Rahm in pledging his loyalty to the European Tour and PGA Tour.