PIF will become the sponsor of the title of the revised golf series.
Severn images
Saudi Arabia deepens its investment in the professional golf of women.
The public investment fund, the Sovereign Wealth Fund of Saudi Arabia, announced on Wednesday that it would become the partner title of five events which will take place on the European Tower Ladies.
The terms of the agreement have not been disclosed.
As part of this last transaction, the tour will reorganize the five events, which will be collectively renamed as a world series PIF. Events take place in Riyadh, Saudi Arabia; Seoul, South Korea; London; Houston; And Shenzhen, China.
“PIF continues to be a catalyst for female sports growth, determined to offer a long -term transformative impact by inspiring and stimulating female athletes at all levels,” said Alanoud Althonayan, chief of events and sponsorships in a press release.
The format of the revised tournament will offer team and individual competitions which take place simultaneously.
The Saudis also inject additional money into the Prize Pools, with a collective bag of $ 13 million on the five events.
Alexandra Armas, CEO of the Ladies European Tour, said that the partnership with PIF has contributed to increasing the level of competition in the female game and offers players more opportunities to succeed on the world stage.
Saudi Arabia has invested aggressively in professional sports in recent years in the context of its vision of diversifying the economy of the country far from oil. Despite the fact that Saudi Arabia was slow to give rights to Saudi women, these investments have included spending a lot of money for international sports.
Last May, the fund signed a multi -year partnership with the WTA Tour, the organization of professional tennis of women, to develop the game and improve the advantages of women in the league.
And in March, PIF announced that it would fully finance the maternity fund of the tour, which would allow women to take up to a year of completely paid leave.
However, the pif foray into male golf was more complicated.
Almost two years ago, the PGA Tour Commissioner Jay Monahan and the Governor of Pif Yasir al-Rumayyan appeared on CNBC, announcing a merger between Liv Golf and Le Pga Tour. But this agreement has not yet taken place, despite the last push of President Donald Trump to bring the two parties together.
The Aramco Korea championship begins Friday in Seoul.