After PGA Tour’s announcement excluding the Saudi PIF from its new entity, LIV Golf CEO Greg Norman went ahead and sent a message to his staff who were related to the agreement negotiations and were linked with the SSG making an $3 billion investment in the PGA Tour’s new entity.
The PGA Tour has finalized an agreement with Strategic Sports Group, injecting about $3 billion of cash into a new for-profit entity.
Investors include:
• Tom Werner & John Henry (Boston Red Sox)
• Mark Attanasio (Milwaukee Brewers)
• Arthur Blank (Atlanta Falcons)
• Wyc… pic.twitter.com/A5v8UcfAL1— Joe Pompliano (@JoePompliano) January 31, 2024
Norman went ahead and clarified certain misconceptions regarding LIV Golf’s position in the letter. He elaborated on his staff to not hype this business initiative as a negative one, downplay its impact, and take this as an opportunity. As LIV approaches its new season, Norman wants to see this in a positive light. Let’s see what he wrote in the letter!
Greg Norman Keeps The LIV Golf Flag Flying High With His Letter
LIV CEO is positive as the league approaches its third season, and he hasn’t been this confident before. In the letter, he wrote:
“As you may have seen, the PGA Tour made an announcement this morning about an investment partner. Let me make one thing very clear: nothing announced by other tours or investment groups changes LIV Golf’s positive trajectory or future plans.
We started LIV Golf with the goal of creating something new, taking the game to a global, diverse audience and driving innovation while growing golf’s fanbase. More investment in golf is a great thing for the game and for us. It’s a positive development for our players, our fans, and for the long-term future of the game.”
Added to that, he continued,
“Golf is now viewed as an asset class. We proved this was possible and are now in a unique position to mold and drive this incredible growth opportunity. This broader interest and commitment to the game, and investment in its future, would not have happened without the emergence of LIV Golf as an innovative force in the golf ecosystem.”
The PGA Tour announced on Wednesday that the new entity, PGA Tour Enterprises, will be backed by SSG as much as financial support is required. Moreover, the Saudi PIF might invest in the venture in the coming future. The PGA Tour’s for-profit entity has a $12 billion valuation and, hence, can spend more on the events. But as a setback to the tour, Tyrell Hatton moved toLIV Golf joining the new Legion XIII team. Thus, it is to be seen whether the new announcement can keep the tour’s golfers from defecting to LIV Golf.
