Saudi PIF backs Asian Tour with US$200m investment

LIV Golf Investments, an investment firm with Saudi Arabia’s Public Investment Fund (PIF) as majority shareholder, is gearing up to back golf’s Asian Tour with a US$200 million investment.

LIV’s core mission is to revolutionize the Asian Tour by instituting a new ten-event series that will kick off in 2022 and will continue for a minimum of one decade thereafter.

The investment is a continuation of PIF’s spate of sports spending, following a recent acquisition of a controlling 80 percent stake in Premier League club Newcastle United. This takeover deal has been valued at about £300 million (US$410 million).

The idea of launching a new Asian Tour format, which is planned to run as an alternative to the Professional Golf Association (PGA) and European Tour competitions, has faced considerable opposition from both rival tours.

The US$200 million investment is one of the single largest investments in the history of professional golf, with the funds planned to go towards financing playing opportunities and prize funds.