LIV Golf Now Closed?

[DeadMan]

This is a good summation of the whole thing, I think:

The Cowardly End of Golf’s Civil War

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The PGA Tour announced Tuesday that it will join with LIV Golf and the DP World Tour to become a new entity funded by the Saudi Arabia Public Investment Fund. What this signals for each specific tour is unclear, but the...

Also, Sally Jenkins has an interesting point. The chair of the PGA Policy Board, who was apparently negotiating the deal, also is a part of the law firm advising on the deal:

PGA Tour’s deal with LIV Golf benefits someone, but not the players - The Washington Post

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Golf’s new world order is good for someone, but is it really the players?

(That article may be paywalled, so sorry for everyone who can't read it)

[iacas]

I want to say to that… "Who cares (except Andy)? He didn't get it done. Others did."

[Pretzel]

15 hours ago, iacas said:

I don't think you know what the terms are. To me sponsor is not the same as owner. I've had sponsors here at TST with the first right of refusal… they don't "increase their investment stake" by choosing to spend more or decrease it by spending less: they're not owners.

 Wrong, this is literally straight from their press release on the matter:

Quote

PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour. Going forward, PIF will have the exclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity, including into the PGA TOUR, LIV Golf and DP World Tour. 

They have an ownership stake in the merged company, they aren't simply a sponsor. They will be the title sponsor as well, but they're a sponsor with an ownership stake and the only company allowed to invest further into the joint venture (with the exception being other investments that they approve of).

Edited June 7, 2023 by Pretzel

[iacas]

1 minute ago, Pretzel said:

 Wrong, this is literally straight from their press release on the matter:

And I'm saying that they don't just get to do that whenever they want. They can be asked to increase their investment, and get the first right of refusal should the new entity want/need/seek more capital.

Furthermore, that doesn't necessarily increase their ownership stake.

[boogielicious]

Apparently Rory found out about it from Jimmy Dunne at 6:30 am yesterday.

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His statement was on Instagram.

https://www.instagram.com/reel/CtMV9QiA66p/

[Zeph]

Rory’s on board then.

Quote

…it’s going to be good for the game of professional golf and secures it financially (sic).

Was the game of professional golf in financial distress today or were the outlooks that it would be in the near future?

[turtleback]

4 hours ago, Moxley said:

I see you say similar things about many posts that you disagree with, but if you were right about that, it would be self evident and not require you to point it out. 

It IS self-evident.

[Darkfrog]

1 minute ago, Zeph said:

Rory’s on board then.

Seemed like reluctantly though. He also said something about mixed emotions, and he didn't look particularly elated.

[Zeph]

3 minutes ago, Darkfrog said:

Seemed like reluctantly though. He also said something about mixed emotions, and he didn't look particularly elated.

That’s expected. Him gobbling over this would seem weird. Like if Monahan had first criticized LIV heavily and then turned to join them a year later. That would just seem off.

[iacas]

I think that…

• The lawsuits were costing the PGA Tour a TON of money. It may have cost them hundreds of millions of dollars.
• The lawsuits were costing the PIF and Saudi Arabia discovery. That wouldn't have gone well for them.
• I think that the LIV as a league is done. Maybe there will be some sort of team thing… but I think LIV is done as we know it.
• I think Phil Mickelson was still wrong about so much, but that won't stop him from pretending that he wasn't. He's also back under Jay Monahan's thumb, if he's allowed back at all. Maybe he'll just play the majors and peace out, though.
• I think that Jay was having a hard time selling the sponsors on paying twice as much… and getting… what, exactly?
• I think that at the end of the day the PGA Tour got a huge cash infusion.
• I think the PGA Tour retains most of the decision-making control.
• Someone said something like "If Jimmy Dunne is okay with this, who are we to be annoyed about it" and while I disagree strongly with that (Jimmy was put in a position of power and likely gets some $ as well, which he doesn't need, so it's not like he's doing this out of the goodness of his heart - the fans are getting nothing here except a less fractured pro golf world), I kinda get the sentiment. But then I go right back to "yeah, but he's benefitting here."
• I'm annoyed at how many of these guys are talking as if PRO GOLF = "golf". It's f***ing not. You didn't do anything for "the game" today. You aren't in charge of "the game" of golf. You play it as a sport at a professional level. That's it.

In other words, I think Jay probably did what he had to do here.

• A year or two years ago, they didn't have these lawsuits gobbling up $500k/day in legal fees.
• A year or two years ago, LIV thought they might still be able to run a league. Suck away all the best players.

From both sides, things have changed a lot in two years.

[Elmer]

 

I think if you are going to take money form anyone you need to have a better response than "look I am just a golfer".

 

[JetFan1983]

14 minutes ago, Zeph said:

Rory’s on board then.

Was the game of professional golf in financial distress today or were the outlooks that it would be in the near future?

I think the PGAT was between a rock and a hard place. Either take this money and give us a seat at the table or we slowly bleed you to death because we can. In five, ten years, you're insolvent and we take over completely. So which pill do you take?

 

[TourSpoon]

10 minutes ago, iacas said:

I'm annoyed at how many of these guys are talking as if PRO GOLF = "golf". It's f***ing not. You didn't do anything for "the game" today. You aren't in charge of "the game" of golf. You play it as a sport at a professional level. That's it.

I agree. Nothing really changes for the 99.9% of us that play this game. The USGA and R&A are still the governing bodies, The Master's is still The Master's, and my upcoming golf trip will occur without too much fanfare (even if we are playing Orange County National that happened to host a LIV event). 

[PatrickMurtha]

“Money! That was the answer to every riddle!” - Honoré de Balzac, Lost Illusions

[Rick Graham]

3 hours ago, klineka said:

So you think the fact that the commissioner of the PGA Tour (allegedly a player run organization) made a complete 180 and joined forces with the very people he spent the last year openly and harshly criticizing while not notifying any players that this was going to happen is "great news"?

Why do you feel good for Greg Norman? He wasn't notified of this until after a deal was already signed. He's clearly not a decision maker.

Greg Norman has been pushing this since the early 90s.  Norman started this idea long ago and has been chastised for a long time-'he wins, fans win!

[klineka]

1 hour ago, Elmer said:

 

I think if you are going to take money form anyone you need to have a better response than "look I am just a golfer".

Why does anyone need a better response than that? Just because I or you or a lot of people disagree with their decision doesn't mean they owe us an explanation.

Would it be better if they said " I want to be filthy stinkin rich I don't give a crap where the money came from"? 

That wouldn't change my thoughts on any of them really. 

1 hour ago, Rick Graham said:

Greg Norman has been pushing this since the early 90s.  Norman started this idea long ago and has been chastised for a long time-'he wins, fans win!

That doesn't answer my question of why you think that the fact that commissioner of the PGA tour, allegedly a player run organization, completely did a 180 on his stance and joined forces with the very people he spent the last year talking bad about (who have direct ties to terrorist attacks, severe human rights violations, etc) is "great news" 

[DeadMan]

2 hours ago, iacas said:

I think the PGA Tour retains most of the decision-making control.

I agree with everything in your post, but I think this should say "for now." If the PIF pumps in $5 billion initially and the PGA Tour comes back in 2 years asking for more, they're not just getting that money for nothing in return.

And yes, I will keep making this point over and over. 

[Elmer]

37 minutes ago, klineka said:

Why does anyone need a better response than that? Just because I or you or a lot of people disagree with their decision doesn't mean they owe us an explanation.

Would it be better if they said " I want to be filthy stinkin rich I don't give a crap where the money came from"? 

That wouldn't change my thoughts on any of them really. 

Not only is he a professional golfer, but a professional golfer who volunteered to do a TV interview.
If you are putting yourself in that position to be interviewed and asked about 9/11, jamal khashoggi and the money you took from the SA, you cant just say "hey I am just a golfer".

What kind of questions did he expect on a news network, questions about chipping out of a bunker?

And yes I would rather hear " I want to be filthy stinkin rich I don't give a crap where the money came from"

Instead of "I am sorry for the loss of those on 9/11, but SA is working real hard to bring us all together by growing the game of golf, but then again I am just a golfer so what do I know"