The PGA Championship and The Players Championship will share the distinction of having golf's richest purse next year.
Both tournaments will offer total prize money of $10 million. The announcement Wednesday was part of a plan for the PGA of America and PGA Tour to work more closely together.
The two organizations broke apart in 1969 when tournament players such as Jack Nicklaus and Arnold Palmer felt as though the PGA of America was more concerned with the club professional business.
PGA Tour Commissioner Tim Finchem and PGA of America President Ted Bishop said they would work together on issues such as growing the game. Their collaboration could also give them a stronger voice when it comes to rules. Both organizations were opposed to the new ban on anchoring.