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The European and Asian tours, who established their first co-sanctioned tournament in Malaysia in 1999, have formed a new joint venture company in a bid to strengthen their bond.

EurAsia Golf, which will have representatives from both tours serving on the board of directors, is to act as a point of contact for tournament promoters for all co-sanctioned events.

"This alliance will at a vital time in terms of the global economic climate enable us to focus attention on golf as the preferred sponsorship vehicle for international companies," Asian Tour executive chairman Kyi Hla Han said in a news release on Thursday.

European Tour chief executive George O'Grady also said EurAsia Golf would benefit the sport on the two continents.

"This alliance is born out of a 10-year working relationship between both tours during which we have reached understanding on tournament field eligibility, suitable scheduling of tournaments, excellent venues, TV production and distribution, and prize funds," said O'Grady.

There have so far been 56 co-sanctioned tournaments with prize money of 79,633,379 euros (68,495,406 pounds) across China, Hong Kong, India, Indonesia, South Korea, Malaysia, Qatar, Singapore and Chinese Taipei.

Han said the latest initiative would help Asian players to further boost their profiles on the world stage.

(Source: Reuters)