The World Grand Prix has officially become the latest addition to the jam-packed snooker calendar and will be staged in March 2015.
The non-ranking event will take place at Venue Cymru in Llandudno on the north coast of Wales from March 16-22nd, 2015.
This new tournament will bring together 32 of the world's top stars to compete for a top prize of £100,000; it will be televised live on ITV4 with a total prize fund of £300,000.
The top 32 players on a one-year ranking system running from the 2014 World Championship to the 2015 Gdynia Open will qualify for the tournament.
World Snooker Chairman Barry Hearn said: “This will be the biggest snooker event ever staged in North Wales and we are delighted to bring the sport to an area where we know we will get massive support.
"It’s an incredible opportunity for the people in Llandudno and the surrounding area to see the very best players competing for a prestigious new crown – and a huge top prize.
“We want to make this event a great success. I know the Venue Cymru is a superb arena and the atmosphere is going to be sizzling.
“ITV are building their support for snooker so for those who can’t make it to the venue this is a valuable addition to our free-to-air coverage in the UK,” he added.
The Grand Prix was a long-standing ranking event from 1984 to 2000. It became the LG Cup in 2001, before returning to its original title from 2004 until it was removed from the calendar in 2009.
It now returns under a new format and will not carry world ranking points towards the order of merit.