NEW YORK — Two major competing tours in the sport of golf are going to be joining forces moving forward.

The PGA Tour and LIV Golf, run by the Public Investment Fund of Saudi Arabia, announced in a news release on Tuesday morning that they are merging together in a new partnership that unites those tours along with DP World Tour.

All three will combine to create “a new, collectively owned, for-profit entity,” that ends the competition between the PGA Tour and LIV that was the cause of much controversy.

The name of this new golf company has yet to be announced, and as part of the deal, any pending litigation between the PGA and LIV Golf. There were also be criteria set for LIV players to re-apply for membership on the PGA Tour.

“After two years of disruption and distraction, this is a historic day for the game we all know and love,” said PGA TOUR Commissioner Jay Monahan in a statement released Tuesday. “This transformational partnership recognizes the immeasurable strength of the PGA TOUR’s history, legacy and pro-competitive model and combines with it the DP World Tour and LIV – including the team golf concept – to create an organization that will benefit golf’s players, commercial and charitable partners and fans.

“Going forward, fans can be confident that we will, collectively, deliver on the promise we’ve always made – to promote competition of the best in professional golf and that we are committed to securing and driving the game’s future.”

LIV Golf was founded in 2021 for the PIF with play beginning in 2022, with a few big names in the sport like Phil Mickelson, Dustin Johnson, Brooks Koepka, and Sergio Garcia. Former world No. 1 golfer and two-time British Open champion Greg Norman was the CEO of the organization.

Those who made the jump to LIV were criticized since it was viewed by others on the outside as a way for Saudi Arabia’s government to improve its image through sports.

“Today is a very exciting day for this special game and the people it touches around the world,” said PIF Governor Yasir Al-Rumayyan in a statement. “We are proud to partner with the PGA TOUR to leverage PIF’s unparalleled success and track record of unlocking value and bringing innovation and global best practices to business and sectors worldwide. We are committed to unifying, promoting and growing the game of golf around the world and offering the highest-quality product to the many millions of long-time fans globally, while cultivating new fans.

“There is no question that the LIV model has been positively transformative for golf. We believe there are opportunities for the game to evolve while also maintaining its storied history and tradition. This partnership represents the best opportunity to extend and increase the impact of golf for all. We look forward to collaborating with Jay and Keith to bring the best version of the game to communities around the world.”