Dec. 7 (UPI) -- Masters champion Jon Rahm will leave the PGA Tour and compete in the Saudi-funded LIV Golf Series, joining several other top players who made the same move over the last two years.
Sources told ESPN, Golf Channel and the Wall Street Journal about the agreement Thursday. The Wall Street Journal and ESPN reported that his contract is believed to be worth between $300 million and $600 million and includes ownership in a LIV Golf team.
Rahm, 29, is the No. 3 player in the Official World Golf Ranking. He won his second career major title in April at the 2023 Masters Tournament.
Rahm earned his first -- and only other -- major victory at the 2021 U.S. Open. The Spaniard, who turned professional in 2016, earned 11 wins on the PGA Tour and 10 on the DP World Tour.
Rahm earned more than $51.5 million in prize money on the PGA Tour, including $16.5 million last season.
His decision to join LIV came amid negotiations between the PGA Tour and Saudi Arabia's Public Investment Fund, which operates LIV, who are attempting to join forces to become PGA Tour Enterprises.
Rahm announced last month that he withdrew from the roster of TGL, the tech-infused golf league started by Tiger Woods and Rory McIlroy. He said at the time that the league "would require a level of commitment" he couldn't offer.
Brooks Koepka, Phil Mickelson, Bubba Watson, Patrick Reed, Bryson DeChambeau and Dustin Johnson are among the other former major champions to join LIV, which held its first season in 2022.
The 2024 season will start with LIV Golf Mayakoba. That tournament will be held from Feb. 2 to 4 at El Camaleon Golf Course in Playa del Carmen, Mexico.
The next tournament, LIV Golf Las Vegas, will be from Feb. 8 to 10 at Las Vegas County Club.