The European Tour has announced that is rebranding and will, from the beginning of the 2022 season, become known as the DP World Tour.
The news was made official in Dubai today as has been described by European Tour chairman David Williams as "a historic day for our organisation".
The rebrand will happen in the year that the European Tour celebrates its 50th anniversary, the circuit having launched in 1972.
As part of the deal, the European Tour's total prize fund in 2022 will exceed $200million for the first time, with every tournament featuring a minimum purse of $2million.
There will also be at least 47 events in 27 different countries. The DP World Tour Championship - the season-ending tournament - will also see its prize fund increase to $10million, the first regular European Tour event to have an eight-figure prize fund.
"Today is an easy day to smile," said European Tour chief executive Keith Pelley.
Of the 47 tournaments on the initial schedule, Pelley noted that 23 would be in Europe with 24 taking place in the rest of the world.
"The launch of the DP World Tour in 2022, coinciding with both of our 50th anniversaries, will herald a new era in global golf, and crucially it will benefit everybody involved – all our players, caddies, fans and partners – as well as making an important contribution to wider society," he added.
“The entire ecosystem of our Tour will be strengthened because of this hugely significant deal, and that was essential to us and to DP World, who have been an incredible supporter of our Tour as well as golf more widely, from grassroots through to the elite professional game.
“The DP World Tour is, therefore, a natural evolution of our decade-long partnership, and the presence of ‘World’ in our new title better reflects our global reach.”
The new partnership will also see a significant investment in the Challenge Tour, elevating prize funds and increasing playing opportunities.
The tour's 'Golf for Good' CSR initiative will also be expanded, with more support of charitable initiatives and disability golf, and continued collaboration with the women's game also being promised.
In a nod to one of the European Tour's founding fathers, the John Jacobs Bursary Award will also be established, supporting the top five players on the Challenge Tour Rankings at the end of the Rolex Challenge Tour Grand Final with their travel and expenses the following year on the DP World Tour.
Sultan Ahmed bun Sulayem, the Group Chariman and CEO of DP World, added: “DP World has been a partner of the European Tour for over a decade. Our long-standing partnership has provided an excellent platform to engage with customers, prospects, and stakeholders, and build our brand. We have relished the opportunity to support the Tour in growing the game of golf and improving access to the sport at all levels. The key to this success has been and will continue to be the shared vision and values that underpin the partnership.