Greg Norman, the golf icon, will leave his lucrative business to become the commissioner for a long-rumored league of golf that hopes to start play in 2022. He is looking to sign players to lucrative guaranteed contracts with large-money purses.
Norman, 66 years old, has announced his association to LIV Golf Investments. This company is backed by the Public Investment Fund, which is Saudi Arabia's sovereign wealth fund. Norman will serve as chief operating officer and commissioner for the new league.
Norman announced that Liv Golf Investments (which will invest in various golf ventures) has pledged a nine-figure sum for the Asian Tour to stage additional 10 events over 10 years.
Norman stated in an interview that "This is my biggest decision"
Norman will remain in South Florida to oversee the new venture and continue his work in golf-course design.
"What should I do with Greg Norman Company?" It has twelve divisions. I can't do both. He said that he couldn't do both. Greg Norman Company was my choice. For the first time in my adult life, I am giving the reins to others to manage my company.
"That was a huge, important decision because that's what I believe in. This is how much I believe that the people behind it have helped get it to the point where it's now being taken and to the point where it will be live in the spring of next year.
Norman, a 20-time winner of the PGA Tour, won two major titles and was awarded 88 wins. He would not reveal the names or other details, nor if any players had signed up for the new league. Although he wouldn't specify the length of his contract, he said that he was on board for a four- to seven-year commitment. Norman was ranked No.1 in 1993-94 during his peak playing career. He proposed the idea of a World Golf Tour, which would bring together the best players in a series small-field, big-money events. Norman argued that the creation of a rival tour was possible if players were allowed to compete on both circuits. Tim Finchem, the commissioner of the PGA Tour, won the battle against Finchem.
This will be an issue as the new league launches. There have been many iterations of this league over the years. This venture is not part the previously revealed Premier Golf League, which is located in London. It has a plan to start 18 tournaments in 2023 and 48-player fields.
Liv Golf Investments' foray into Asia Tour is the first step to unveil what is in store. As a way for players to get involved in the new league, it suggests that there is some kind of arrangement. The European Tour formed a strategic alliance to the PGA Tour and ended its relationship the Asian Tour. This saw a few players get exemptions, while the PGA Tour co-sanctioned several events.
An investment of at least $200,000,000 in the Asian Tour will result in a commitment to pay a minimum of $10 million per year in prize money. This money will be used to fund 10 marquee events annually. In 2022, the Asian Tour will add these tournaments to its schedule.
The Asian Tour would likely sanction the new league, which could allow players to earn World Ranking points. This is a significant issue considering the recent news about rival tours. The World Rankings is one avenue to qualify for major championships.
Norman pointed out the "untapped potential” in Asia and suggested that the Liv Golf Investments relationship with the Asian Tour is only the beginning of Liv Golf Investments in other golf ventures. Cho Minn Thant (the Asian Tour's Commissioner) hailed the achievement as a major milestone, particularly in light of the loss of the European Tour. He stated, "This will ensure unprecedented new playing opportunities."
With assets in excess of $500 billion, the Public Investment Fund is considered to be one of the most important sovereign wealth funds in the world. It is an investment fund that invests funds for the government of Saudi Arabia. This has caused controversy because of its poor record in human rights.
Norman stated, "I am happy that the investor base has 100 percent commercially driven golf improvement for all involved." "I'm happy to partner up with this group of investors in order to bring the substantial resources necessary to make the fundamental changes that are required for the betterment of the game."
This announcement comes after a recent partnership of 10 years between the Asian Tour (which runs the Saudi International), and Golf Saudi (which manages the European Tour). The PGA Tour refused to grant players releases after the tournament lost European sanctioning.
The situation has been made unclear by the event's association to the sanctioned Asian Tour. Dustin Johnson, the current champion, is one of several players who sought release to participate in the tournament in February.
Although the tournament will be the Asian Tour's flagship event, it will not be the 10th new event in the series.
