McCormack's IMG had been responsible for managing and producing the weekly Ranking, which is now endorsed by the four Major Championships and the six Professional Tours making up the International Federation of PGA Tours.
It has also been agreed, with the full cooperation of IMG that the proprietary interest in the Official World Golf Ranking will be transferred to a new incorporated company.
The new company will be based and administered from the Wentworth headquarters of the European Tour under the chairmanship of Sir Michael Bonallack who said: "The Official World Golf Ranking is yet another legacy left to golf because of Mark McCormack's superb vision and in assuming the role of vhairman I look forward to a new and exciting chapter in its history."
While the OWGR will now be administered from new offices at Wentworth, Matt Boucher, who has been responsible with Tony Greer for the management of the Ranking, will continue in his role with the new company and Greer, who has been associated with the Ranking since its launch in 1986, will remain as consultant.
