[ad_1]
PLAYA DEL CARMEN, Mexico — LIV Golf CEO and Commissioner Greg Norman’s message to his whole workers in relation to the information of the Strategic Sports activities Group’s $3 billion funding within the PGA Tour to create a brand new for-profit entity was easy: onward.
In a letter obtained by Golfweek despatched simply days earlier than the beginning of the 2024 LIV Golf League season at Mayakoba’s El Camaleon Golf Course in Mexico, Norman wrote to his workers to not simply hype up LIV Golf’s third official season, however to additionally downplay any unfavourable affect the SSG funding could have on LIV’s future.
An excerpt from the letter:
As you’ll have seen, the PGA Tour made an announcement this morning about an funding companion. Let me make one factor very clear: nothing introduced by different excursions or funding teams adjustments LIV Golf’s optimistic trajectory or future plans.
We began LIV Golf with the purpose of making one thing new, taking the sport to a worldwide, various viewers and driving innovation whereas rising golf’s fanbase. Extra funding in golf is a good factor for the sport and for us. It’s a optimistic improvement for our gamers, our followers, and for the long-term way forward for the sport.
Golf is now seen as an asset class. We proved this was doable and at the moment are in a singular place to mildew and drive this unimaginable development alternative. This broader curiosity and dedication to the sport, and funding in its future, wouldn’t have occurred with out the emergence of LIV Golf as an revolutionary pressure within the golf ecosystem.
Norman stated the league was “shifting full steam forward” into 2024 and past and that he has “by no means been extra assured within the league, the individuals concerned, and our supporters everywhere in the world.”
Simply seven months in the past the Tour introduced a framework settlement with the DP World Tour and Saudi Arabia’s Public Funding Fund to create what we now know at the moment as PGA Tour Enterprises. The Tour confirmed in a launch on Wednesday that progress has been made in ongoing negotiations with the PIF, LIV Golf’s monetary backers, on a possible future funding. That very same launch additionally said that PGA Tour Enterprises permits for a co-investment from the PIF sooner or later, “topic to all crucial regulatory approvals.”
The earlier deadline of Dec. 31, 2023, to return to an settlement was missed, however either side have ventured on. The PGA Tour now has extra money to spend and LIV has new property in former Tour gamers like Jon Rahm and Tyrrell Hatton. As Norman would say, onward they go.
[ad_2]
Source link
