LIV Golf Now Closed?

[iacas]

1 hour ago, Mike Hitman said:

in this case, just a (fun) prediction.

That wasn't a "prediction," and none of it's fun.

[snapfade]

11 hours ago, Mike Hitman said:

Rahm in Hawaii recruiting. Expect more top PGA pros to move to LIV.

I agree. But team golf could work if that is what a creator wanted. But it requires fan buy-in to the team. That's created by geographical and/or philosophical connections. LIV hasn't understood that, big fail.

He doesn't have to recruit, the fact that he joined is recruitment enough. The entire golfing world knows about LIV and how much money there is to be made. He could whisper into Zingers ear now that hes out of a job. He could pal around with Feherty.

[iacas]

15 minutes ago, snapfade said:

He doesn't have to recruit, the fact that he joined is recruitment enough. The entire golfing world knows about LIV and how much money there is to be made. He could whisper into Zingers ear now that hes out of a job. He could pal around with Feherty.

Yep. Dirty, sports washing money from a murderous regime. Fun!

And the PGA Tour, like so many others, will have to take some of their money soon too so they can continue to exist. Double fun!

[snapfade]

Patrick Reed faces huge financial blow as furious attorney responds to judge's orders - Mirror Online

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LIV Golf rebel Patrick Reed was landed with a major bill as a Jacksonville federal judge dismissed his lawsuit for a second time, while ordering to pay legal fees and costs

Ha Ha.

[3jacker]

On 1/14/2024 at 10:41 AM, snapfade said:

 

Patrick Reed faces huge financial blow as furious attorney responds to judge's orders - Mirror Online

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LIV Golf rebel Patrick Reed was landed with a major bill as a Jacksonville federal judge dismissed his lawsuit for a second time, while ordering to pay legal fees and costs

Ha Ha.

Aw poor guy.  Can't catch a break.

[klineka]

On 1/14/2024 at 10:41 AM, snapfade said:

 

Patrick Reed faces huge financial blow as furious attorney responds to judge's orders - Mirror Online

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LIV Golf rebel Patrick Reed was landed with a major bill as a Jacksonville federal judge dismissed his lawsuit for a second time, while ordering to pay legal fees and costs

Ha Ha.

I dislike articles/websites that post articles like that. Based on that headline I would expect to see a rough dollar amount that Patrick Reed has to repay as a result of the decision.

How do the authors of the article know the sum of money Reed has to pay constitutes a "huge financial blow" ?

The guy has earned over $38M just on the PGA Tour alone, even if he had to pay $500k in legal fees (just a random number), that's not what I would consider a "huge financial blow" to someone who likely has a net worth in excess of $100M. 

Also the amount of ads on that site is absurd. 

[iacas]

54 minutes ago, klineka said:

I dislike articles/websites that post articles like that. Based on that headline I would expect to see a rough dollar amount that Patrick Reed has to repay as a result of the decision.

IANAL — @DeadMan could answer this — but I think the flow is:

• They're ordered to pay the legal fees of the Brandels, etc.
• The Brandels, etc. of the world file to say "here is what our legal fees have been to this date, including the fees involved in putting this document together."
• They're given x days to pay that amount, if the judge doesn't see something unreasonable.

So, they are likely putting together their $ figure.

59 minutes ago, klineka said:

How do the authors of the article know the sum of money Reed has to pay constitutes a "huge financial blow" ?

Because it's going to be seven figures? Maybe eight? He sued a lot of people. Plus he has Klayman's fees himself.

[Vinsk]

Ryder Cup snub spurns PGA Tour for LIV Golf in last-second move

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Adrian Meronk, who was controversially left on the European Ryder Cup team, is the latest to join the LIV Golf league.

Article also states Terrell Hatton kicking LIV tires as well.

[boogielicious]

8 minutes ago, Vinsk said:

Ryder Cup snub spurns PGA Tour for LIV Golf in last-second move

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Adrian Meronk, who was controversially left on the European Ryder Cup team, is the latest to join the LIV Golf league.

Article also states Terrell Hatton kicking LIV tires as well.

[phillyk]

Tyrrell Hatton joins Rahm along with Caleb Surratt and Keiran Vincent. Rumor from normal twitter sources put Hovland in talks.

Certainly, with an open door on European Ryder Cup side, I’d expect more people to go. Only time will tell. 

[elementz]

Rory would make a great politician....sounds like he is flip flopping again by wanting the LIV players eligible to play in PGA tournaments.

[boogielicious]

PGA Tour strikes $3 billion deal with Fenway-led investment group. Players to get equity ownership

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The launching of PGA Tour Enterprises comes eight months after the PGA Tour signed a framework agreement with the Saudi backers of LIV Golf.

Not sure how this affects things but it positive for the PGA Tour players.

[iacas]

I'm waiting for someone to explain to me how "equity" works given that Tiger is basically done, Rory is getting older, some of the players who have "career achievements" are on LIV but still contributed when they were on the PGA Tour, and future players… are going to constantly come into the PGA Tour.

How do you keep giving people equity? Do Charlie and Sam get Tiger's when he dies?

What about Arnold Palmer's estate? Or Jack Nicklaus's status? Do they get equity?

[StuM]

25 minutes ago, iacas said:

I'm waiting for someone to explain to me how "equity" works given that Tiger is basically done, Rory is getting older, some of the players who have "career achievements" are on LIV but still contributed when they were on the PGA Tour, and future players… are going to constantly come into the PGA Tour.

How do you keep giving people equity? Do Charlie and Sam get Tiger's when he dies?

What about Arnold Palmer's estate? Or Jack Nicklaus's status? Do they get equity?

It may be via an ESOP where ownership shares are given to employees based on a formula then when the employee leaves they sell shares back to the plan.

not sure how that would work with golf since some can stay on tour for a very long time due to lifetime exemptions to some majors.  Also “compensation” can vary drastically year over year and not always related to “seniority”

The business needs ongoing free cash flow to contribute to the ESOP to buy out retiring employees which then makes shares available to the newer players.  

[klineka]

12 hours ago, StuM said:

It may be via an ESOP where ownership shares are given to employees based on a formula then when the employee leaves they sell shares back to the plan.

Every time a player would want to sell shares then someone would have to re-value the tour in order to accurately place a price on those shares, right?

 

I don't really see (yet) how this benefits the fans. 

[Lerrin]

I wonder what changes to the tour structure this might lead to?

[snapfade]

4 hours ago, klineka said:

Every time a player would want to sell shares then someone would have to re-value the tour in order to accurately place a price on those shares, right?

 

I don't really see (yet) how this benefits the fans. 

It could and companies that have an ESOP in place get evaluated at the end of the fiscal year, so it would show up there, I don't think the average Tour player leaving here and there would make a big impact on the valuation of the company, but at any rate at the end of the fiscal year it will be sorted out. Question is, would it be a divided paying ESOP? Keep in mind, you cant draw the ESOP money until you are 59 1/2. If you quit or get terminated then it depends on what percentage you were vested.  Most Tour players go to the Senior Tour at 50 so technically you are "retiring" from the PGAT, right?  Seems the player would have to roll that over into an IRA or get hit with excise tax.  But I echo @klineka. How does this benefit that fan? All I see is the price of admission going up and beer to hit 20 bucks a can.

[DeadMan]

I think there's reasonable potential to benefit the fans. Sports are valuable because they are one of few things on TV that people watch live. The formula to increase profits is to get more people watching. Some of that could be from just broadcasting more of the tournaments and selling those rights. Some of that could be from increasing how valuable the TV rights are by making the TV product better.

That said, there are other ways to make the PGA Tour more profitable that could be a negative for fans. I think the most obvious thing would be to end the various developmental tours the PGA Tour runs. I doubt the Canadian or Latin American tours make much, if any, money for the PGA Tour. That may not impact a ton of fans, but is anyone going to see the end of those tours as a good thing for fans? Another way to make more money would be sponsoring everything. They could plaster the courses and bleachers with ads (like soccer stadiums do). They already do this, but it could get worse and more obnoxious.

But, make no mistake, the group that bought into the PGA Tour wants to make money. They'll do that by increasing profits on the PGA Tour and taking some of the profits or by increasing the value of the PGA Tour and selling their stake. It can be done in a fan-friendly way. It doesn't have to be, though.