Saudi-funded LIV Golf strikes deal to tee off in India
The breakaway international golf tour funded by Saudi Arabia’s vast wealth is to stage its first event in India early next year amid its continued expansion and an impasse over the sport’s global calendar.
Sky News has learnt that Greg Norman, the former two-time Major-winner who now serves as commissioner and chief executive of LIV Golf, has reached the outline of a deal to stage an event at the DLF Golf and Country Club in Gurgaon next February.
Sources said the agreement, which has yet to be formally signed, would see the venue hosting a LIV International Series event featuring 148 international golfers alongside up to 16 LIV League golfers.
They would compete within the International Series platform on the Asian Tour, with the objective of launching a longer-term partnership in India.
In 2022, prior to hosting the first LIV Golf event, LIV announced The International Series – a 10-year commitment and $300M investment that created an annual series of elevated events sanctioned by the Asian Tour
The launch of LIV Golf shook the foundations of professional golf, with players such as Dustin Johnson and Bryson DeChambeau defecting to the new team format, lured by Saudi’s billions.
To counter the threat, the US PGA Tour has agreed a $3bn investment from a consortium led by John Henry’s Fenway Sports Group.
The PGA Tour and Saudi’s Public Investment Fund have been in talks for over a year about closer co-operation to align the sport’s global calendar.
To date, LIV Golf events have been held in nine countries on four continents.
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There have also been a string of International Series events elsewhere, including this year in countries such as England, Macau, Morocco and Qatar.
Mr Norman’s desire to move into India reflects the affluence of the country’s fast-growing middle classes and an attempt to emulate the international interest generated by the Indian Premier League in cricket, according to one insider.
One source inside golf said that London-based strategic advisory firm CTD Advisors had advised on the new partnership in India.
It could be announced within weeks, they added.
CTD Advisors could not be reached for comment.
A LIV Golf spokesperson said: “We are exploring new markets as The International Series continues to grow with the global impact of LIV Golf, both at the League level and with The International Series.
“The Series has an exciting schedule of events remaining to determine the 2024 champion, and we look forward to announcing the 2025 schedule in due course.”
Donald Trump’s victory was secured on an unequivocal promise to stretched American households that he would “end inflation”, but markets and economists are anticipating his second term will do the opposite.
A combination of corporate tax cuts, government borrowing, lower migration and swingeing tariffs on overseas imports are all expected to heat up the American economy and stoke price rises.
Bond yields on 10-year US Treasuries, effectively the price of borrowing for the American government, were up by 3.6% overnight, rising more than 15 basis points to above 4.4% as European markets opened.
That signals investors believe that borrowing will rise, and the Federal Reserve will be forced to slow rate cuts in order to tackle inflation.
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A clearer picture will emerge on Thursday when Federal Reserve chairman Jay Powell, who Mr Trump said will not be reappointed, announces the next move on rates.
Markets still expected a 0.25 percentage point cut (a similar move to that anticipated from the Bank of England earlier in the day) but Mr Powell’s comments will be scrutinised for signals of what Trump 2.0 means for the prospect of further cuts.
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Trump wins: Demographics and key issues
But higher prices for consumers are not necessarily bad news for corporate America, with the dollar surging against sterling and the euro as swing states fell to Mr Trump, and Wall Street futures trading indicating a rally when they reopen with him confirmed as president-elect.
Shares in US banks were boosted with J.P. Morgan, Goldman Sachs and Morgan Stanley all up more than 6% in pre-market trading, along with Tesla, boosted by more than 13% as markets anticipate a dividend for Elon Musk’s campaign-trail support.
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Defence stocks were higher too and not just in the US – BAE Systems and Rolls Royce were both up – reflecting likely pressure on America’s NATO allies to make good on their commitments to increase spending.
Bitcoin was also positive in anticipation of a more benign regulatory environment from a president who used the campaign platform to launch his own cryptocurrency.
By contrast renewable holdings, the target of much of Joe Biden’s economic stimulus, were in negative territory, with wind and solar priorities likely to be replaced by a pledge to “drill baby, drill”.
Of most concern to America’s trading partners and allies will be Mr Trump’s promise to erect barriers to free trade.
The man who said tariffs “is the most beautiful word in the world” has pledged a 60% levy on Chinese imports and 10% on those from elsewhere, a deeply protectionist move that could trigger a trade war with China and the EU.
These can only increase prices in the US, with importers paying the levies at the point of entry, and other trading blocs likely to respond in kind.
Read more on Trump’s victory:
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The EU has already imposed its own 35% tariff on Chinese EVs to the dismay of the continent’s carmakers the measure is intended to protect.
While these tensions play out, post-Brexit Britain, a relatively small player outside the major trading blocs, is likely to be a spectator.
Post Office campaigner Sir Alan Bates is yet to receive a reply from Sir Keir Starmer, despite writing to him over a month ago.
Sir Alan said he had written to the prime minister to remind him the “clock is still ticking” on a financial redress deadline for victims.
In his letter, he demanded a March 2025 deadline for compensation for sub-postmaster victims of the Horizon scandal.
Sir Alan confirmed to Sky News he was yet to hear back from the prime minister.
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“It was over a month ago,” he said.
“I sent him a reminder yesterday. I told him the clock is still ticking and it’s now five months from the March deadline, which I’m told is still achievable by other professionals.
“So let’s get on with it, that’s all we want. Get on with it.”
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