PR92715

WEST PALM BEACH, Fla., Oct. 30, 2021 /PRNewswire=KYODO JBN/ --

-- NORMAN PENS LANDMARK 10-YEAR DEAL WITH ASIAN TOUR AS FIRST ORDER OF BUSINESS

REPRESENTING A TOTAL COMMITMENT OF OVER $200M

Former world #1 and World Golf Hall of Fame member, Greg Norman, has today been

announced as CEO of a newly formed company, LIV Golf Investments, a move which

will set in motion a number of momentous developments for professional golf

worldwide.

Norman's first order of business is the announcement of a ground-breaking

series of 10 new marquee events to be staged annually on the Asian Tour over

the next 10 years, representing a total commitment of over $200m to support

playing opportunities and prize funds. The move represents one of the single

biggest investments in the history of professional golf.

The 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

stabilize professional golf following a sustained period of worldwide

disruption and uncertainty.

"This is only the beginning," commented 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.

"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.

"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.

"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 $5m. 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.

About The Asian Tour

As the official sanctioning body for professional golf in Asia, the Asian Tour

leads the development of professional golf across the region, enhancing the

careers of its members while maintaining a commitment to the integrity of the

game. The Asian Tour, through its membership of the International Federation of

PGA Tours, is the only recognised pan-Asian professional golf tour in Asia. The

Tour is officially recognised by the Official World Golf Ranking and provides

its events with valuable ranking points for participants to be recognised on

the world stage. It is also an affiliate of The R&A. Tour Partners include

Rolex (Timekeeper), Habitat for Humanity (Sustainable Development Partner),

Titleist (Web Partner) and FootJoy (Tour Supplier). The corporate headquarters

of the Asian Tour is based in Sentosa, which is the home of Asian Golf while

Sentosa Golf Club is part of an exclusive network of properties under the Asian

Tour Destinations. The Tour also has an office in Kuala Lumpur, Malaysia.

About LIV Golf Investments

LIV Golf Investments is a newly formed company, with group companies in the USA

and UK, with Asian offices to follow. Its remit is to holistically improve the

health of professional golf on a truly global scale and support existing

stakeholders to help unlock the sports' untapped potential. Greg Norman is the

first and founding CEO of LIV Golf Investments. PIF, one of the world's largest

sovereign wealth funds with a diverse international investment portfolio, is

the majority shareholder in LIV Golf Investments.

SOURCE: LIV Golf Investments

CONTACT: Jane MacNeille, LIV Golf Investments: media@livgolfinvestments.com;

Simon Wilson, Asian Tour: simon.wilson@asiantour.com