31.10.2021 – 19:44
LIV Golf Investments
West Palm Beach, Florida (ots/PRNewswire)
NORMAN ENTERS A landmark 10-year contract with ASIAN TOUR for a total of over $ 200 MILLION
– Former world number one and member of the World Golf Hall of Fame, Greg Norman, was announced today as CEO of a newly formed company, LIV Golf Investments, a move that will fuel a number of meaningful developments for professional golf worldwide.
Norman’s first item on the agenda is the announcement of a groundbreaking series of 10 new major events scheduled to take place annually on the Asian Tour for the next 10 years, for a total of over $ 200 million in gaming and prize money. The move represents one of the largest single investments in the history of professional golf.
The series will be added to the Asian Tour agenda from 2022, with new events in Asia, the Middle East and Europe. It is designed to increase fan engagement, generate new commercial interest and help stabilize professional golf after a prolonged period of worldwide disruption and uncertainty.
“This is just the beginning,” commented Norman. “LIV Golf Investments has secured a large capital commitment that will be used to create new opportunities in professional golf worldwide. We will be cooperative and respectful of the sport at all levels, and today’s announcement alongside the Asian Tour is the first example Therefore.”
“I have been a staunch advocate and supporter of golf and its development in Asia for more than four decades. The Asian Tour is a sleeping giant, and our ambition is to expand the series and unlock what we believe to be great untapped potential. We see our sponsorship of these new events as an important first step in supporting the emerging markets and creating a new platform with plenty of play opportunities that create valuable player paths. “
LIV Golf Investments was founded with group companies in the US and UK, with Asian offices to follow. Several high-profile executives have already been appointed and further announcements will follow in due course. PIF, one of the largest sovereign wealth funds in the world with a diversified international investment portfolio, is the majority shareholder in the new company. It is planned to bring in further investment partners who share the passion and belief in how new opportunities in professional golf can create comprehensive benefits for fans and players.
“This is the greatest development in the history of the Asian Tour and a major goal for professional golf,” said Cho Minn Thant, agent and CEO of the Asian Tour. “This opportunity will bring us unprecedented new ways to play, open new player pathways, allow us to compete commercially with other sports and improve our social agenda.”
“We are particularly excited about the prospect that today’s landmark represents for amateur football as it inspires aspiring players through a new level of professional competition at the highest level in the region.”
The series will complement the established events of the Asian Tour and include a season of 25 events that is expected to generate record-breaking total prize money in 2022. Each of the 10 new events will be streamed live around the world, and there are plans to attract an international field of top talent through an open qualification category, regardless of the subsidiary of the tour, so that opportunities for the broadest possible section of players are given are.
Today’s announcement immediately follows the conclusion of a new 10-year partnership between the Asian Tour and Golf Saudi, the organizer of Saudi International powered by SoftBank Investment Advisers, in which the tournament will become the flagship tournament of the Asian Tour and with an impressive prize money of $ 5 million. The Saudi International is not one of the 10 new events that will be part of the new series, but will itself offer expanded exemption requirements.
Another signal for the upturn in the Asian Tour was recently the announcement that competition operations will soon resume after a postponement due to the COVID-19 pandemic. The interrupted 2020/21 season will end with two new tournaments in Thailand in November and December 2021 and two more tournaments in Singapore in January 2022.
The new series of 10 events will take place over the course of 2022, with all full-field events contributing to the Order of Merit ranking.
Further details on the new series, including brand and series name announcements, will be announced shortly.
Information on The Asian Tour
As the official body for professional golf in Asia, the Asian Tour is a leader in the development of professional golf throughout the region. It promotes the careers of its members while also advocating the integrity of the game. As a member of the International Federation of PGA Tours, The Asian Tour is the only recognized pan-Asian professional golf tour in Asia. The tour is officially recognized by the Official World Golf Ranking and awards valuable ranking points for its events so that the participants are recognized on the world stage. It is also a subsidiary of The R&A. Tour partners include Rolex (timekeeper), Habitat for Humanity (partner for sustainable development), Titleist (web partner) and FootJoy (tour supplier). Asian Tour’s headquarters are in Sentosa, home of Asian Golf, while Sentosa Golf Club is part of an exclusive network of Asian Tour Destinations. The Tour also has an office in Kuala Lumpur, Malaysia.
Information on LIV Golf Investments
LIV Golf Investments is a newly formed company with group companies in the US and UK, with Asian offices to follow. Its task is to holistically improve the health of professional golf on a global level and to support the existing interest groups in unlocking the untapped potential of the sport. Greg Norman is the first and first CEO of LIV Golf Investments. PIF, one of the largest sovereign wealth funds in the world with a diversified international investment portfolio, is the majority shareholder of LIV Golf Investments.
LIV Golf Investments: [email protected]
Asian Tour: [email protected]
Original content by: LIV Golf Investments, transmitted by news aktuell