The PGA TOUR and LPGA are joining forces next fall.

LPGA and PGA TOUR players will play together in the Grant Thornton Invitational, a new co-sanctioned tournament, the tours announced Wednesday.

The event debuts Dec. 4-10 at Tiburon Golf Club in Naples, Florida. Players from the PGA TOUR and LPGA will compete for equal prize money, and it'll be the first time the organizations host an annual mixed-team competition since the JCPenney Classic in 1999.

The tournament will consist of a 32-player field featuring 16 golfers from each tour vying for a $4-million purse.

The event is set to take place during the Challenge Season, the period between October and December before the start of the conventional campaign in January.

"As we look to capitalize on the growing interest in the game of golf, the addition of a mixed event to the calendar has been a priority," PGA TOUR commissioner Jay Monahan said in a statement.

"We look forward to partnering with the LPGA as we deliver first-class entertainment and competition to our fans and the residents of Southwest Florida, who have embraced the PGA TOUR for the past 22 years."

LPGA commissioner Mollie Marcoux Samaan echoed Monahan's optimism.

"We could not be more excited to add the Grant Thornton Invitational to our 2023 schedule," she said. "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," she added. "We look forward to producing a best-in-class event that inspires, elevates, and advances opportunities for golfers around the globe."

The JCPenney Classic ran from 1960-99. John Daly and Laura Davies won the final edition of that event at Innisbrook Resort in Palm Harbor, Florida.