The Web.com Tour has a new name. Starting immediately, the PGA Tour's developmental circuit will be known as the Korn Ferry Tour.

Korn Ferry, an organizational consulting and management firm, has signed a 10-year deal to immediately become the title sponsor of the circuit. The Sports Business Journal was first to report the news.

Web.com, based out of Jacksonville, has been the title sponsor of the developmental circuit dating back to 2012, when it took over the moniker from Nationwide Insurance out of Ohio. That agreement was also announced in late June 2012 as a 10-year deal. Web.com did not complete the agreement, falling just shy of seven years as the Tour's title sponsor.

Nationwide is now the presenting sponsor of the PGA Tour's Memorial Tournament. The Nationwide Children's Hospital, to which the insurance giant provided $50 million in support to secure their name on the world-class facility in Ohio, sponsors one of the final three events on the tour's schedule.

It's unclear what, if any, involvement Web.com will have with the PGA Tour in the future.

Since Web.com took over the title sponsorship, the tour schedule has remained around 27 events per season, with a maximum total purse of $18.3 million in 2018. The record Web.com Tour per-event average purse was in 2015 at $710,000. Under the Web.com sponsorship, the PGA Tour created the Web.com Tour Finals, initially a series of four, now three, events pitting the top 75 players in regular season Web.com Tour earnings (now points) against players ranked Nos. 126-200 in the PGA Tour's FedEx Cup points list, with the fate of 50 PGA Tour cards on the line.

This tour began in 1990 as the Ben Hogan Tour, becoming the Nike Tour in 1993, then becoming the Buy.com Tour in 2000. Nationwide became the title sponsor in 2003.