Saudi Arabia’s Public Investment Fund has launched LIV Golf Investments and announced former world No. 1 Greg Norman as CEO of the new venture.
LIV has created 10 new events to be staged annually on the Asian Tour over the next decade with $200 million of backing, including prize funds, making it one of the biggest single investments ever in professional golf, LIV said in a statement.
The new events will be staged from 2022 across Europe, the Middle East and Asia in a move designed to help bolster the sport following more than a year of disruption due to the pandemic.
“This is only the beginning,” said 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.”
“The Asian Tour is a sleeping giant and we share ambition to grow the series and unlock what we believe is significant untapped potential,” he said.
LIV Golf Investments has offices in the US and UK, with an Asian office to open soon, it said in the statement. PIF plans to attract further investment partners into the venture.
“This is the single biggest development in the history of the Asian Tour and a major milestone for professional golf,” said Cho Minn Thant, Commissioner and Chief Executive Officer, Asian Tour. “The opportunity will secure unprecedented new playing opportunities, establish new player pathways, allow us to compete commercially with other sports, and enhance our social agenda.”
The announcement follows the recent announcement of a new 10-year partnership between the Asian Tour and Golf Saudi, the organizers of the Saudi International, which will see the event become the flagship tournament on the Asian Tour. The Saudi International will not be one of the 10 new events to feature as part of the new series.