Augusta National will stage the final round of a new women's amateur tournament the week before the Masters, starting in 2019.
Club chairman Fred Ridley has revealed the inaugural "Augusta National Women's Amateur Championship" will take place from 2019 onwards.
The final round of the tournament will be held at Augusta National the Saturday before the Masters, Ridley said.
"Bobby Jones and Clifford Roberts left behind a legacy of always trying to contribute meaningfully to the game of golf", Ridley said in a media conference.
Augusta will host the final round of an amateur women's event in the week preceding the Masters from next year, it has been confirmed.
Photo Condoleezza Rice, left, who was among the first women to become members of Augusta National, with a participant in the Drive, Chip and Putt Championship at the club on Sunday.
Women are now welcome to compete at Augusta National Golf Club.
An global field of 72 women amateurs will compete over 54-holes of stroke play. In the event of a tie after 54 holes, the victor will be decided by sudden-death playoff.
The decision is radical in that it adds another competition to the two already in place, but also because Augusta National was, for decades, an all-male club.
Invitations will be provided to the winners of the following recognized events: U.S. Women's Amateur, Ladies' British Open Amateur Championship, Women's Amateur Asia-Pacific, U.S. Girls' Junior, Girls' British Open Amateur Championship, Girls Junior PGA Championship.
Maguire, now ranked second in the world, is one of the best amateur players in the game and, last November, was named the Global Golf Post Female Amateur of the Year. The event is likely to run at the same time as the ANA Inspiration - the first major on the LPGA schedule - but Ridley sees it as an addition and not an alternative, calling it "a win for women's golf".