NORMAN PENS LANDMARK 10-YEAR DEAL WITH ASIAN TOUR AS FIRST ORDER OF BUSINESS REPRESENTING A TOTAL COMMITMENT OF OVER $200M
WEST PALM BEACH, Fla., Oct. 29, 2021 /PRNewswire/ — Former world #1 and World Golf Hall of Fame member, Greg Norman, has today been announced as CEO of a newly formed company, LIV Golf Investments, a move which will set in motion a number of momentous developments for professional golf worldwide.
Norman’s first order of business is the announcement of a ground-breaking series of 10 new marquee events to be staged annually on the Asian Tour over the next 10 years, representing a total commitment of over $200m to support playing opportunities and prize funds. The move represents one of the single biggest investments in the history of professional golf.
The series will be added to the Asian Tour schedule from 2022 onwards, with new events across Asia, the Middle East and Europe. It has been designed to drive greater engagement amongst fans, attract new commercial interest and to help stabilize professional golf following a sustained period of worldwide disruption and uncertainty.
“This is only the beginning,” commented Norman. “LIV Golf Investments has secured a major capital commitment that will be used to create additive new opportunities across worldwide professional golf. We will be a cooperative and respectful supporter of the game at every level, and today’s announcement alongside the Asian Tour is the first example of that.
“I have been a staunch supporter and believer in playing and developing golf in Asia for more than four decades. The Asian Tour is a sleeping giant and we share ambition to grow the series and unlock what we believe is significant untapped potential. We see our promotion of these new events as a vital first step in supporting emerging markets, creating a new platform, rich with playing opportunities that create valuable player pathways.”
LIV Golf Investments has been established with group companies in the USA, UK, with Asian offices to follow. Several high-profile C-Suite executives have already been appointed, with further announcements to follow in due course. PIF, one of the world’s largest sovereign wealth funds with a diverse international investment portfolio, is the majority shareholder in the new company. Plans are in place to introduce further investment partners, who share the passion and belief in how new opportunities in professional golf can create widespread benefit for fans and players.
“This is the single biggest development in the history of the Asian Tour and a …….