PONTE VEDRA BEACH, FLA.(AP) —The PGA Tour has reached a multiyear agreement to play a Champions Tour event in South Korea, starting in the fall of 2010

The tournament, the 50-and-over tour’s first event in Asia, will be played at the Jack Nicklaus Golf Club Korea in the Songdo International Business District, about 40 miles west of Seoul. The 54-hole event will feature a $3 million purse.

“The Korean market is an important one to the PGA Tour and we welcome this addition to the Champions Tour schedule and the opportunity to further elevate golf in South Korea with an event of this magnitude,” PGA Tour commissioner Tim Finchem said Wednesday.

The course will officially open in the fall of 2010.

“The golf course awaiting the Champions Tour players is totally created, but one we believe will be world class,” Nicklaus said. “The project is right off Incheon Bay, so the golf course provides bay and harbor views