UPDATE 4-Augusta, home of the Masters, admits first female members

* Condoleezza Rice, Darla Moore to join prestigious club

* Male-only membership policy drew criticism

* Obama welcomes decision - White House

(Adds further Moore background, Woods quotes)

Aug 20 (Reuters) - Augusta National Golf Club, home of the

Masters golf tournament, finally ended an all-male policy that

had endured for 80 years when it announced on Monday that two

women would be admitted as members for the first time.

Former U.S. Secretary of State Condoleezza Rice and

financier Darla Moore will become the first women to don the

renowned green jackets when the Augusta, Georgia, club re-opens

for a new season in October.

Augusta National's male-only status has drawn criticism for

years. Ahead of this year's Masters tournament in April,

President Barack Obama weighed in on the matter, saying through

a spokesman that he believed women should be admitted.

"This is a joyous occasion as we enthusiastically welcome

Secretary Condoleezza Rice and Darla Moore as members of Augusta

National Golf Club," Billy Payne, the club's chairman, said in a

statement.

Payne, who has refused in the past to speak publicly about

membership matters, did not directly address the gender bar

issue in his statement, saying only that it was a "significant

and positive time" for the club and that Rice and Moore were

subjected to the same review as other candidates.

"Consideration with regard to any candidate is deliberate,

held in strict confidence and always takes place over an

extended period of time," Payne said. "The process for

Condoleezza and Darla was no different."

Obama had increased the pressure on Augusta National when he

said in April that the club should admit women as members.

"He welcomes this development, thinks it was too long in

coming but obviously believes it's the right thing to do," White

House spokesman Jay Carney told a news briefing on Monday.

Rice, recently appointed to the U.S. Golf Association's

nominating committee, said in a statement: "I have visited

Augusta National on several occasions and look forward to

playing golf, renewing friendships and forming new ones through

this very special opportunity."

Rice, 57, was national security adviser under former

President George W. Bush before becoming the first black female

secretary of state in his second term. In 2010, she became a

faculty member of the Stanford Graduate School of Business and a

director of its global center for business and the economy.

Tiger Woods, who knows Rice through Stanford and became the

first black player to win the Masters, with a record-shattering

victory by 12 shots, in 1997, said: "I think the decision by the

Augusta National membership is important to golf.

"The club continues to demonstrate its commitment to

impacting the game in positive ways. I would like to

congratulate both new members, especially my friend Condi Rice."

Moore, 58, received an MBA from George Washington University

and by the early 1990s had become the highest-paid woman in

banking. She is a partner of the private investment firm

Rainwater, Inc., which was founded by her husband, Richard

Rainwater.

"I am fortunate to have many friends who are members at

Augusta National, so to be asked to join them as a member

represents a very happy and important occasion in my life,"

Moore said in a statement.

LONG-TIME FRIENDS

Moore is a long-time friend of William "Hootie" Johnson,

Augusta National's former chairman, and they share a South

Carolina background and careers in banking.

"This is wonderful news for Augusta National Golf Club and I

could not be more pleased," Johnson said in a statement to South

Carolina's The State newspaper. "Darla Moore is my good friend,

and I know she and Condoleezza Rice will enjoy the club as much

as I have."

Tim Finchem, commissioner of the U.S. PGA Tour, also

applauded Monday's announcement by Augusta National.

"At a time when women represent one of the fastest growing

segments in both playing and following the game of golf, this

sends a positive and inclusive message for our sport," he said

in a statement.

Augusta National's membership policy has been an issue for

years, most notably a decade ago when Martha Burk of the

National Council of Women's Organizations led a series of

protests that prompted a heated war of words with Augusta's

then-chairman Johnson.

"There may well come a day when women will be invited to

join our membership, but that timetable will be ours, and not at

the point of a bayonet," Johnson declared at the time.

The widespread calls for female members took on added

significance after Ginni Rometty became chief executive officer

of IBM Corp in January.

IBM, the world's largest technology services company, is a

long-standing sponsor of the Masters, the first of the four

"major" golf tournaments of the year, and its past four CEOs

were granted membership to Augusta National. Rometty, however,

was not included in Monday's announcement of new members.

Augusta's invitation-only membership has been steeped in

secrecy since the club opened in 1932. Prior to Monday's

ground-breaking announcement, women were allowed to play the

course only if invited by a member.

The club does not reveal its full list of members, believed

to be around 300, although it is known that some of the most

powerful men from industry and finance, including Bill Gates and

Warren Buffett, are members.

It was not until 1990 that Augusta National invited its

first black member, businessman Ron Townsend, following

accusations of racial discrimination at the whites-only Shoal

Creek club in Alabama that was selected to host the PGA

Championship, another of the four major tournaments.

IBM joined other sponsors in putting pressure on Shoal Creek

by pulling its television advertisements.

(Additional reporting by Dan Burns, Steve Ginsburg and Laura

MacInnis; Editing by Eric Beech and Paul Simao)