The PGA and LPGA Tours have formed a new 32-player mixed-team event with a $4m (£3.3m) prize fund.

It will be the first time in 24 years the tours have staged an annual tournament for male and female players.

LPGA commissioner Mollie Marcoux Samaan said it was an "important step forward" for golf.

"We could not be more excited to add the Grant Thornton Invitational to our 2023 schedule," she added.

"By joining forces with the PGA Tour to host a mixed event where the top male and female golfers in the world compete alongside each other, we're going to deliver a memorable and entertaining experience for all golf fans, showcasing our players' incredible skills in a new context to a new audience.

"This is an important step forward for golf, women's golf and the LPGA."

The tournament will be hosted by Tiburon Golf Club and The Ritz-Carlton Naples.