On the same day that the PGA Tour finalized a $3 billion deal with an investment group, LIV Golf CEO Greg Norman struck a defiant tone, declaring that the league is unaffected by the Tour news and “full steam ahead” with its second full season.
In a letter to LIV employees, obtained by Golf Channel, Norman boasted the strength of the rival league and suggested that the Tour’s additional funding wouldn’t have happened without LIV’s arrival.
The PGA Tour on Wednesday announced that it had finalized an agreement with Strategic Sports Group, a consortium of billionaire sports team owners, that will inject $1.5 billion into the Tour’s new for-profit entity, PGA Tour Enterprises, with an additional $1.5 billion down the line. Tour commissioner Jay Monahan called it a “monumental day” for the Tour, and members of the Tour policy board, who signed off on the deal, trumpeted the landmark agreement as a stabilizing moment amid years of turmoil following the introduction of LIV in summer 2022.
“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 wrote in the memo.
“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.”
One of the unanswered questions following the SSG deal is what happens to the Tour’s ongoing negotiations with the Saudi Public Investment Fund. On a conference call with the membership, Monahan described talks with the PIF as “frequent” and “active,” and representatives from SSG traveled with Monahan to Saudi Arabia last month. As part of the agreement, SSG consented to a possible co-investment with PIF in the future.
But a definitive agreement between the Tour and PIF wasn’t of concern to Norman on Wednesday.
“The LIV Golf family is focused on the task at hand – our league, our events, and how we continue to evolve, innovate and push boundaries,” Norman wrote. “We are moving full steam ahead and expanding on the incredible success we have already achieved in a very short time. I have never been more confident in the league, the people involved, and our supporters all over the world.”
LIV begins its second full season this week in Mexico. Jon Rahm, the league’s newest high-profile signee, was asked by reporters about the Tour’s new deal with U.S.-based investors and what it might mean for the future.
“There’s a lot bigger people that are a lot smarter than me that are going to be worrying about that that actually have a say in it,” Rahm said, “and they should be thinking about it. I think we’re here to play golf, perform, and whatever comes, comes.”
Bryson DeChambeau recently expressed confidence that an additional deal with the PIF would get done sooner rather than later. Following the Tour’s announcement with SSG, he said, “I don’t know exactly how it’s all going to shake out, when it’s all said and done. I don’t know what it really means for the PIF’s position in it. What I can say is that any investment into the game of golf is gigantic, especially on their side.
“You’re just going to see both entities continue to grow, and I hope at some point we’ll come back together. It needs to happen. I hope people can just put down their weapons and come to the table and figure it out, because that’s what’s good for the game of golf and for fans in general. As time goes on, I think things will settle down in a positive way for both.”
