The PGA Tour, DP World Tour, and LIV Golf are merging their operations into a single commercial entity, according to a press release from the PGA Tour.

The newly formed entity — whose name is to be determined — will be collectively owned and for-profit. It will contain more focus on team golf and growing the game globally.

The merger also features “a mutually agreed end to all pending litigation between the participating parties.”

“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. “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.”

“Today is a very exciting day for this special game and the people it touches around the world,” PIF Governor Yasir Al-Rumayyan said. “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.”