New force in Asian Golf

Parallel Media Group PLC (PMG) the AIM listed Executive sports promotion group, has today announced the creation of a major new golfing series in Asia to be sanctioned by the PGA European Tour.

In a busy week that has seen PMG announce it has acquired the minority interests in its troubled joint venture with World Sport Group, it has wasted no time in launching a fresh initiative that secures long term rights in the regions leading golf tournaments, together with a major broadcast partnership.

Asian Series Golf Events

David Ciclitira, Executive Chairman of PMG explained – ‘Through the past months, golf in the region has been in turmoil and our business interests have been inhibited by the conflict that surrounded the APGA and the World Sport Group. Today those actions have been rescinded, the APGA have given up all rights to sanction our events and instead, our event calendar is now sanctioned by the PGA European Tour and henceforth it will be known as The Asian Series Golf Events.

Asian Series TV

We are forming a joint venture with the PGA European Tour for broadcasting the series to be known as the Asian Series Television (ASTV) which from Asia will work with European Tour Productions, who are the leading producer and distributor of golf from Europe.

Initial eight events

The agreement we have reached includes the five principal events we have promoted since 2000, with the intention of adding at least 3 new events in Asia.

Worlds leading Players and Worlds leading golf authority

The structure of the events ensures that the worlds leading players can participate in the best events that Asia has to offer and the whole, promoted, produced and televised under a global agreement with the worlds principal international golfing authority – The PGA European Tour. I don’t think we could have wished for a more successful outcome to the challenge we have faced.

Asian Tour

We hope very much that this program will assist the fledgling Asian Tour to grow, as it provides ample playing opportunities for their players. The European Tour has proven through the years that first and foremost it has ensured that golf is the winner in whichever theatre they have been involved, and this partnership will prove no exception.

Commentary

On a personal note, I would like to thank Ken Schofield of the PGA European Tour and his team at Wentworth who have worked so hard to assist in bringing about this tremendous development. The past twelve months have been very testing and it is with a great deal of celebration that we launch the Asian Series Golf Events and we can at last devote our entire attention to our business.

I also at this time want to extend my thanks to Graham Axford, our Group MD, our staff, shareholders, and also to our strategic advisors, Criteria Media Group who have stood alongside us throughout the lengthy negotiations and who have helped so much in developing the architecture for today’s announcement. Finally, I wish to thank the Group’s sponsors who throughout the past year have remained our friends and associates, displaying confidence and belief in our endeavours.’

For more details contact:

Hugo de Salis, St Brides Media & Finance
020 7242 4477

Wynton Faure
Parallel Media Group
020 7225 2000