The European and Asian golf tours have entered into a partnership which officials believe will help attract the world’s best players to their tournaments.

The joint vision will see commercial entities and membership portfolios of both tours combine to raise golf’s profile in each region and increase playing opportunities and prize funds.

Leading European players including four-time major winner Rory McIlroy and Justin Rose, a former US Open champion, base themselves primarily on the PGA Tour in the United States where prize money is significantly greater than that on offer in Europe and Asia.

But Keith Pelley, the new chief executive officer of the European Tour, feels closer ties with Asian Tour colleagues will lead to tournaments with bigger prize purses.

“This is the first step on the journey . . . with the goal of merging the membership in the business entities to provide significant advantages for our players and build the game globally,” Pelley said.

“It will provide opportunities for all stakeholders of the game and that includes corporate partners and television worldwide.

“But we have a player-first philosophy and we will hear the feedback of our players over what this potential membership can provide.

“The next few months will be critical as the players will shape the future with us.

“We are proud of our players flying the flag for Europe around the world but we want them playing in Europe as much as possible.

“There is no question that combining the business entities of these respective tours will see global commercial opportunities significantly increase, and for elite players that will translate into higher prize purses.”

Mike Kerr, chief executive officer of the Asian Tour, said the partnership would benefit both memberships in creating greater playing and earning opportunities.

Pelley said membership merger talks “heated up” during the Open Championship at St Andrews last month.

“Asia is a very important market for us,” Pelley said. “We believe it has significant growth potential and see it as a natural extension of a partnership which has been strong for many years.

“We’ve been partners with the Asian Tour for 16 years in co-sanctioned events and I think it’s 92 events and excess of €160 million in prize money.

“So we want to increase that partnership and obviously bring it to a new level and this no doubt was a natural fit for us.”

Pelley said it was too soon to suggest whether the merging of European and Asian Tours could lead to more World Golf Championship events being played outside the United States.

At present only one of the four WGC tournaments — the HSBC Champions in Shanghai at the start of November — is not held on American soil.

“It’s probably a bit premature to answer that,” Pelley said. “It’s a conversation we will certainly have but that will happen in due course.”