Ponte Vedra Beach, FL (SportsNetwork.com) - The PGA Tour announced a 20-year extension of its partnership with Charles Schwab & Co., Inc. on Tuesday.

The agreement is the longest the PGA Tour has ever entered into, and will create a playoff for the Champions Tour. The playoff will start in 2016.

"Charles Schwab has been an exceptional partner of the PGA Tour and Champions Tour since 1997," said PGA Tour commissioner Tim Finchem. "In particular, Schwab has had a profound impact on the Champions Tour through its sponsorship of the Charles Schwab Cup and, more recently, the Charles Schwab Cup Championship.

"Today, we are thrilled to announce that this important relationship will continue another 20 years through this unprecedented agreement."

Schwab will continue to be the official investment firm of the PGA and Champions Tours, while the company will also continue as the umbrella sponsor for the season-long Charles Schwab Cup and will still sponsor the season- ending Charles Schwab Cup Championship.

"So many of our clients and prospective clients are as passionate about golf as they are about investing, and so we're very excited about having this expanded relationship with the PGA Tour," said Charles Schwab. "The parallels between investing and golf are numerous, especially the dedication and commitment they both require, and we look forward to continuing to serve the investment needs of tour players and golf fans everywhere."

Finchem said the details of the new Champions Tour playoff format will be outlined at later date. The Charles Schwab Cup was introduced in 2001 and the Charles Schwab Cup Championship was added in 2003.