NORMAN SIGNS A HISTORICAL 10-YEAR AGREEMENT WITH ASIAN TOUR REPRESENTING A TOTAL COMMITMENT OF OVER 200 MILLION DOLLARS
WEST PALM BEACH, Fla., Oct. 31, 2021 / PRNewswire / – Former World No.1 and member of the Golf Hall of Fame, Greg Norman, was announced today as CEO of a newly created company, LIV Golf Investments, a move that will launch a series of momentous advancements for professional golf around the world.
Norman’s first move is the announcement of a groundbreaking series of 10 new marquee events to be held annually on the Asian Tour for the next 10 years, representing a total commitment of more than $ 200 million to support opportunities for game and prize funds. This measure represents one of the largest investments in the history of professional golf.
The series will be added to the Asian Tour calendar starting in 2022, with new events in Asia, middle East and Europe. It is designed to drive greater engagement among amateurs, attract new business interests, and help stabilize professional golf after a sustained period of disruption and uncertainty around the world.
“This it’s just the beginning, “commented Norman.” LIV Golf Investments has secured a significant commitment of capital that will be used to create new additive opportunities throughout the world’s professional golf. We will be a cooperative and respectful support of the game at all levels, and today’s announcement alongside the Asian Tour is the first example of this. “
“I have been a strong supporter and believer in the game and development of golf in Asia for more than four decades. The Asian Tour is a sleeping giant and we share an ambition to grow the series and unlock what we believe to be 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 in gaming opportunities that create valuable avenues for players. “
LIV Golf Investments has established itself with group companies in the US and the UK, to be followed by offices in Asia. A number of senior executives have already been appointed, and further announcements will be made 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. There are plans to introduce more investment partners, who share a passion and belief in how new opportunities in professional golf can create widespread benefit for amateurs and players.
“This is the largest development in the history of the Asian Tour and an important milestone for professional golf,” he said. Cho Minn Thant, Commissioner and CEO of the Asian Tour. “The opportunity will secure unprecedented new gaming opportunities, establish new avenues for players, allow us to compete commercially with other sports, and enhance our social agenda.”
“We are especially excited about the prospect that today’s announcement brings to amateur play, providing new inspiration to aspiring players through a new level of top-level professional competition in the region.”
The series will add to the backbone of the Asian Tour of established events to comprise a season of 25 events, which is expected to represent a record of combined prize pools in 2022. Each of the 10 new events will be broadcast live throughout the world, with plans to attract an international field of top-notch talent through an open eligibility category, regardless of Tour affiliation, so that opportunities are available to the widest cross-section of players.
Today’s announcement closely follows the establishment of a new 10-year partnership between the Asian Tour and Golf Saudi, the organizers of the Saudi International sponsored by SoftBank Investment Advisers, which will make the event the flagship tournament of the Asian Tour, with an impressive $ 5 million prize fund increase. The Saudi International will not be one of the 10 new events that will be part of the new series, but will provide improved exemption requirements.
More signs of prosperity have recently been given for the Asian Tour with the announcement that competitive play will resume soon after a postponement due to the COVID-19 pandemic. Its suspended 2020/21 season will come to an end with the holding of two new tournaments in Thailand in November and December 2021, and another two tournaments scheduled in Singapore in January 2022.
The new 10-event series will take place throughout 2022, with all full-field events contributing to the Order of Merit ranking.
More details on the new series will be released in the near future, including the reveal of the brand and the name of the series.
Acerca del Asian Tour As the official sanctioning body of professional golf in Asia, the Asian Tour leads the development of professional golf throughout the region, improving the careers of its members and maintaining a commitment to the integrity of the game. The Asian Tour, through its membership of the International Federation of PGA Tours, is the only Pan-Asian professional golf tour recognized in Asia. The Tour is officially recognized by the Official World Golf Ranking and provides its events with valuable ranking points for participants to be recognized on the world stage. He is also affiliated with The R&A. Tour partners include Rolex (timekeeper), Habitat for Humanity (sustainable development partner), Titleist (web partner) and FootJoy (Tour provider). The corporate headquarters of the Asian Tour is located in Sentosa, which is home to Asian Golf, while the Sentosa Golf Club is part of an exclusive network of properties under the Asian Tour Destinations. The Tour also has an office in Kuala Lumpur, Malaysia.
About LIV Golf Investments LIV Golf Investments is a recently created company, with group companies in the US and the UK, which will be followed by offices in Asia. Its aim is to comprehensively improve the health of professional golf on a truly global scale and to support existing stakeholders to help unlock the untapped potential of the sport. Greg Norman is the first CEO and founder of LIV Golf Investments. PIF, one of the largest sovereign wealth funds in the world with a diverse international investment portfolio, is the majority shareholder of LIV Golf Investments.
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Greg Norman Named CEO of LIV Golf Investments