Greg Norman to Lead Saudi-Backed PGA Tour Rival

Greg Norman was the 1995 PGA Tour Player of the Year and a three-time runner-up at The Masters.

Now, he’s looking to expand the sport through a rival to the PGA Tour.

Norman was named CEO of LIV Golf Investments on Friday, as the company announced a $200 million investment in a 10-year partnership with the Asian Tour. LIV is a firm owned by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund.

• The Asian Tour will add a 10-event series to its schedule, starting next year.
• In September, the Asian Tour announced a 10-year pact with Golf Saudi to incorporate the Saudi International, which had previously been part of the European Tour.

In May, a Saudi-backed group of investors sought to lure top golfers with eight-figure bonuses to a Formula 1-like breakaway tour of 15-to-18 cities around the world. PGA Tour commissioner Jay Monahan threatened an immediate ban and lifetime suspension for players who joined the league.

Norman will step away from the Greg Norman Company, a conglomerate best known for designing golf courses that also has divisions in wine, beef, real estate, and venture investments.

The $450 billion PIF bought Premier League team Newcastle last month for $409 million and led a $760 million investment in McLaren in July.

For more on moves like Norman’s, check out Front Office Sports Insights’ deep dive into growth opportunities in the golf industry.