The European Tour will become the DP World Tour from the start of the 2022 season and will have a total fund of over $ 200million (£ 147million).
The new world tour will feature 47 tournaments in 27 countries, including new events in the United Arab Emirates, Japan, South Africa and Belgium.
For the first time, three events will be co-sanctioned with the PGA Tour.
“This announcement is momentous and will usher in a new era in world golf,” said Keith Pelley, Head of the European Tour.
This decision comes as the European Tour, founded in 1972, celebrates its 50th anniversary.
“Our entire Tour ecosystem will be strengthened through this extremely important agreement,” added Pelley. “It was essential for us and for DP World, who have been an incredible supporter of our Tour as well as golf more broadly, from grassroots to elite professional football.
“The DP World Tour is therefore a natural evolution of our ten-year partnership, and the presence of ‘World’ in our new title better reflects our global reach.”
All events sanctioned only by the DP World Tour will have a minimum prize fund of $ 2million (£ 1.47million), while the three events co-sanctioned with the PGA Tour are part of the strategic alliance signed between organizations last year.
The lucrative Rolex Series goes from four to five tournaments, while the end-of-season DP World Championship will be the first regular event on the European Tour to feature a $ 10million (£ 7.35million) fund.
The first event of the 2022 season will be this month’s Johannesburg Open in South Africa, which runs November 22-25.
Dubai-based DP World has been involved in the European Tour since 2009, when the Order of Merit was replaced by the Race to Dubai, which now culminates with the DP World Tour Championship.
The news comes after former world number one Greg Norman announced he was involved in a series of Saudi-backed tournaments on the Asian Tour, as the Premier Golf League continues to try to get involved. in the PGA Tour.