The PGA Tour and LIV Golf, the new league founded last year by Saudi Arabia’s sovereign wealth fund, will merge, executives announced Tuesday, ending a bitter split in men’s professional golf.

In a surprise announcement on Tuesday, the tour, along with the DP World Tour and the wealth fund, said the recent rivals had agreed to create a “new, collectively owned, for-profit entity to ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game’s best players.”

This is a developing story and will be updated.