Even though the PGA Tour landed a $3 billion private investment on Wednesday, LIV Golf chief executive officer Greg Norman doesn’t expect his organization to change course anytime soon.
Norman sent out a memo to his staff in the wake of the PGA Tour’s deal with Strategic Sports Group — a group made up of American sports owners — insisting that such funding won’t affect LIV.
“Let me make one thing very clear: nothing announced by other tours or investment groups changes LIV Golf’s positive trajectory or future plans,” Norman said in the memo. “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.”
Norman added that LIV was “moving full steam ahead,” with its 2024 season just two days away from teeing off at Mayakoba in Playa del Carmen, Mexico. He also said that he has “never been more confident in the league.”
The money the PGA Tour received from Strategic Sports Group will go toward a for-profit organization, PGA Tour Enterprises, which will provide tour members with the chance to become equity holders in the new program.
Last June, the PGA Tour announced it was creating a framework agreement with the DP World Tour and Saudi Arabia’s Public Investment Fund, the financial backers of LIV.
The sides were originally supposed to come to an agreement by Dec. 31, 2023, but they were unable to do so and agreed to an extension. The PGA Tour announced Wednesday that it is making strides in the right direction in ongoing negotiations with the PIF as it works toward a potential future investment.
–Field Level Media