KOLKATA: Australian golf legend Greg Norman, was on Friday named chief executive of a newly formed company that will stage 10 new marquee events on the Asian Tour over the next 10 years.

Norman, a former world number one, will front LIV Golf Investments in a long-anticipated move backed by cash from Saudi Arabia that is expected to set in motion a number of developments for professional golf worldwide.

Saudi Arabia’s Public Investment Fund (PIF) is a majority shareholder in the new firm.

Similar approaches have been made to the US PGA Tour and the European Tour in the form of a Golf Super League, but with limited success so far.

In response, the two major Tours came together in a strategic alliance in November last year with cross-over facilitation for Europe’s players in events on the dominant PGA Tour.

The series of events on the Asian Tour represents a total commitment of over $200m to support playing opportunities and prize money.

The series will be added to the Asian Tour schedule from 2022 onwards, with new events across Asia, West Asia and Europe, the Asian Tour said.

‘THE BEGINNING’

“This is only the beginning,” Norman said of the developments.

“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 the 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.”

SPREADING WINGS

LIV Golf Investments has been established in the US, UK, with its Asian offices to follow.

Several high-profile appointments have already been made with more to follow, the Asian Tour said.

PIF, a sovereign wealth fund 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 major milestone for professional golf,” Asian Tour Commissioner and chief executive, Cho Minn Thant, said,

“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.

File photo of Australian golfer-turned-businessman Greg Norman, who will lead the new company to manage the proposed Asian Tour events. Image courtesy Twitter.

“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 established events to comprise a 25-event season, expected to represent a record-breaking combined prize fund in 2022.

TOP DRAWS

The 10 events will be broadcast live and hope to draw a field of headline talent through an open eligibility category regardless of Tour affiliation so opportunities are available to the broadest cross-section of players, the Asian Tour said.

The announcement follows the new 10-year partnership between the Asian Tour and Golf Saudi, the organisers of the Saudi International, which will see the event become the flagship tournament on the Asian Tour, featuring an increased prize fund of $5m.

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.