PGA Tour signs deal to partner Chinese firm Shankai

Greg Gilligan, right, PGA Tour's Greater China managing director, and Hong Li, second from right, co-founder and Chairwomen of Shankai Sports, attend a signing ceremony for their joint partnership and management of the PGA Tour China series for 20 years from 2018 at a hotel in Beijing Thursday, Dec. 7, 2017. Shankai, a Beijing-based firm, says its new venture is receiving a 300 million yuan ($45 million) investment from Yao Capital, a private equity firm co-founded by former Houston Rockets player Yao Ming, and U.S.-based IDG Capital. (AP Photo/Ng Han Guan)
Hong Li, co-founder and Chairwomen of Shankai Sports, speaks during a signing ceremony with PGA Tour to manage the operations of the China series for 20 years from 2018 at a hotel in Beijing Thursday, Dec. 7, 2017. Shankai, a Beijing-based firm, says its new venture is receiving a 300 million yuan ($45 million) investment from Yao Capital, a private equity firm co-founded by former Houston Rockets player Yao Ming, and U.S.-based IDG Capital. (AP Photo/Ng Han Guan)
Greg Gilligan, PGA Tour's Greater China managing director, speaks during a signing ceremony at a hotel in Beijing Thursday, Dec. 7, 2017. The PGA Tour has signed a deal to partner with Chinese firm Shankai Sports to manage the operations of its China series for 20 years from 2018. (AP Photo/Ng Han Guan)
Greg Gilligan, PGA Tour's Greater China managing director, second from left, shakes hands with Hong Li, co-founder and Chairwomen of Shankai Sports, during a signing ceremony to announce their joint partnership and management of the PGA Tour China series for 20 years from 2018 at a hotel in Beijing Thursday, Dec. 7, 2017. Shankai, a Beijing-based firm, says its new venture is receiving a 300 million yuan ($45 million) investment from Yao Capital, a private equity firm co-founded by former Houston Rockets player Yao Ming, and U.S.-based IDG Capital. (AP Photo/Ng Han Guan)

BEIJING — The PGA Tour has signed a deal to partner with Chinese firm Shankai Sports to manage the operations of its China series for 20 years from 2018.

Shankai, a Beijing-based firm, says its new venture is receiving a 300 million yuan ($45 million) investment from Yao Capital, a private equity firm co-founded by former Houston Rockets player Yao Ming, and U.S.-based IDG Capital.

After a one-year hiatus, the PGA Tour China Series will resume next year.

The move comes as China has cracked down on golf in recent years, with authorities closing more than 100 courses in an effort to conserve water and land.

Greg Gilligan, PGA Tour's Greater China managing director, says the closures were related to code violations and that China is supportive of the sport.

Must Read

China's electric vehicle industry shaken by...

Sep 13, 2016

China's electric vehicle industry, a flagship for Beijing's technology ambitions, has been rocked...

Aid groups warn of crisis as Mongolia hit by...

Dec 21, 2016

Another unusually harsh winter in Mongolia that's decimating livestock and sending temperatures to...

Wham!'s influence felt in China after landmark...

Dec 26, 2016

George Michael's death brought back memories in China of the heady 1980s when Wham! was the first...

China starts 2017 engulfed by smog, issues...

Jan 2, 2017

Beijing and other cities across northern and central China are shrouded in thick smog, prompting...

China state media call Trump's Taiwan strategy...

Jan 16, 2017

China's state-run media says President-elect Donald Trump "speaks like a rookie" and called his...

Sign up now!

Advertisement