Getty Images

Golf legend and two-time major champion Greg Norman will serve as the Chief Executive Officer of LIV Golf Investments as part of an unveiling of 10 new marquee events on the tour over the next 10 years, the Asian Tour announced on Friday. Norman has also been tabbed to serve as commissioner of the new Saudi-funded golf league expected to compete with the PGA Tour behind an investment of more than $200 million.

The series of events is expected to begin in 2022 with tournaments staged in Asia, the Middle East and Europe. The company Norman is heading, LIV Golf Investments, is backed by the Public Investment Fund, which is one of the largest sovereign wealth funds in the world that operates on behalf of the Saudi government. 

"This is only the beginning," said Norman in a press release. "LIV Golf Investments has secured a major capital commitment that will be used to create additive new opportunities across worldwide professional golf. We will be a cooperative and respectful supporter of the game at every level, and today's announcement alongside the Asian Tour is the first example of that.

"I have been a staunch supporter and believer in playing and developing golf in Asia for more than four decades," he continued. "The Asian Tour is a sleeping giant and we share ambition to grow the series and unlock what we believe is significant untapped potential. We see our promotion of these new events as a vital first step in supporting emerging markets, creating a new platform, rich with playing opportunities that create valuable player pathways."

Norman, 66, serves as chairman and CEO of Greg Norman Company, a business in his namesake with 12 divisions that focuses on apparel, private equity, golf design and more. However, he is expected to step away from the business to focus on his new venture with LIV Golf Investments.

"I can't do both," Norman told ESPN. "I can't put both feet in both office buildings and give 100 percent effort. So I decided to step away from Greg Norman Company. I'm handing the reins over for the first time in my life to other individuals to run my company."

Norman won 20 times on the PGA Tour and 88 times during the course of his illustrious career including twice at The Open Championship. 

"This is the single biggest development in the history of the Asian Tour and a major milestone for professional golf," Cho Minn Thant, Commissioner and Chief Executive Officer of the Asian Tour, said in a release. "The opportunity will secure unprecedented new playing opportunities, establish new player pathways, allow us to compete commercially with other sports, and enhance our social agenda."