The Staysure Tour will now be known as the Legends Tour and will be part-owned by Staysure founder and CEO Ryan Howsam.
Sky Sports' Paul McGinley has been confirmed as one of the ambassadors for the Legends Tour along with major champions Ian Woosnam, Darren Clarke, Michael Campbell, Paul Lawrie and Tom Lehman as well as eight-time European No 1 legend Colin Montgomerie.
Howsam will become the majority shareholder and take control of the Tour's commercial activities, and one of the main priorities is to generate more involvement with amateurs, including an Order of Merit for regular competitors in the pro-am events, with a Legends Club being created to enhance the amateur experience.
Mark Aspland will stay on as Head of the Legends Tour, which is scheduled to resume next year after the entire 2020 season was cancelled due to the coronavirus pandemic.
The key aims of the new Legends Tour are:
- A new Tour focused on revenue growth to drive prize funds and profitability
- Top class experience for professionals and amateurs through the Pro-Am with a dedicated Order of Merit for amateurs
- Season long Legends Club offering a premium experience for amateurs
- Add value for sponsors and partners through access to more than 5.5millions customers within the lucrative 50+ demographic
Howsam said: "This unique structure in the world of professional golf will spearhead a new vision for the Legends Tour, putting the Ryder Cup captains and players at the forefront of the brand, engaging the mature affluent European market in a way that will drive bigger sponsors and partners.
"We will continue to build the alliance format which I believe offers the best amateur experience in golf, whilst we will commercialise across other golf markets including holidays and equipment.
"Staysure has been involved with the tour since 2017 as a title sponsor, and I believe the untapped commercial potential that the Legends Tour has to offer is unlimited.
"Together we will build this into a brand for professionals, including Ryder Cup players and European Tour winners, as well as amateurs, spectators, promoters and sponsors alike. Golf is unique in that it has high profile and lucrative competitions for players in the over 50s age group.
"This is our expertise. Competitions will be talked about, loved, and watched, and we will be rewarding and supporting our members with prize money and endorsements each season."
McGinley added: "Being an ambassador for the Legends Tour is a unique opportunity to be a part of a ground-breaking shift in the golf tour model.
"I have seen Ryan's plans and it is an exciting time to be a player on the Legends Tour. There is a real emphasis on putting players at the forefront of the brand while engaging the amateurs through the alliance format and Legends Club and I am excited to see how the Tour grows and develops moving forward."