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read moreLegendary Australian golfer Greg Norman, has been named Chief Executive of a newly formed, Saudi Arabian backed company - LIV Golf Investments - a move which will set in motion a number of significant developments for professional golf worldwide including a new 10-tournament series on the Asian Tour from 2022. LIV Golf Investments is backed by the Private Investment Fund which operates on behalf of the government of Saudi Arabia.
The new Asian 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 stabilise professional golf following a sustained period of worldwide disruption and uncertainty.
Norman said the investment of at least $200 million in prize money over the next 10 years " is only the beginning. 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.
Cho Minn Thant, Commissioner and Chief Executive Officer, Asian Tour added "this is the single biggest development in the history of the Asian Tour and a major milestone for professional golf.
"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.
"We are particularly excited at the prospect today's landmark announcement brings to the amateur game, providing new inspiration to aspiring players through a new level of top-flight professional competition in the region."
The series will add to the Asian Tour's backbone of established events to comprise a 25-event season, expected to represent a record-breaking combined prize-fund in 2022. Each of the 10 new events will be broadcast live across the globe, with plans to attract an international field of headline talent through an open eligibility category regardless of Tour affiliation so opportunities are available to the broadest cross section of players.
Today's announcement closely follows the striking of a new 10-year partnership between the Asian Tour and Golf Saudi, the organisers of the Saudi International powered by SoftBank Investment Advisers, which will see the event become the flagship tournament on the Asian Tour, featuring an impressive increased prize fund of $5 million. The Saudi International will not be one of the 10 new events to feature as part of the new series but will itself provide enhanced exemption requirements.
Further signals of increased prosperity for the Asian Tour also came recently with the announcement that competitive play will soon recommence following a postponement due to the COVID-19 pandemic. Its suspended 2020/21 season will draw to a close with the staging of two new tournaments in Thailand in November and December 2021, and two further tournaments planned for Singapore in January 2022.
The new series of 10 events will take place throughout 2022, with all full-field events contributing towards the Order of Merit ranking.
Further details on the new series, including a reveal of the brand and series name, will follow in the near future.
25th October 2021 - PGA of Australia to establish world-first golf learning hub at Sandhurst
22nd October 2021 - Australia’s elite amateur golfers return to representative competition in UAE
21st October 2021 - Golf Australia partners with Cancer Council for golf marathon to raise awareness of skin cancer
14th October 2021 - Golf Australia cancels two Opens
12th October 2021 - Nine million Australians interested in Golf suggests huge potential to grow the game
22nd September 2021 - Vietnam’s Laguna Golf Lang Co reaffirms its status as one of Asia’s most sustainable clubs
16th September 2021 - Golf New Zealand supports inaugural Leadership Award for women
29th June 2021 - Golf Australia confirms Australian Open will be played in Sydney in 2021
9th June 2021 - PGA of Australia and Golf Australia develop new pathway for elite amateurs
18th March 2021 - Singapore Golf Association launches new series of local professional golf events
29th January 2021 - Vietnam’s Laguna Golf Lang Co joins Asian Tour Destinations in anticipation of return of international golf tourists
3rd December 2020 - Golf Australia adds inclusive events to its national schedule
25th November 2020 - Golf Australia reports boom in club membership
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