The European Tour has reached agreement with Irish entrepreneur Denis O'Brien to take back ownership and operation of the PGA European Tour courses brand.

O'Brien has been developing the brand since 2001, and he will continue to own Quinta do Lago in Portugal, PGA Golf de Catalunya in Spain and Kungsangen in Sweden, but David MacLaren, chief executive of PGA European Tour Courses, is joining the tour staff at Wentworth as director of property and venue development.

George O'Grady, chief executive of the European Tour, said: "This is an important announcement early in the New Year, following the unveiling of the race to Dubai (next year's Order of Merit) and our partnership with (property developers) Leisurecorp.

"It will add further impetus to move the Tour forward and expand our capital base.

"The Tour is now well positioned to develop a portfolio of venues that can cope with the demands of present-day tournaments."