LIV Golf (Saudi PIF), "Mergers," and More

[hunterdog]

9 hours ago, iacas said:

New report unveils 'staggering' losses for LIV Golf

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LIV Golf’s UK arm, which manages all of LIV’s operations outside of the U.S., filed its 2023 financials this week.

The Saudi Arabia Public Investment Fund's investment in LIV Golf could approach $5 billion by the end of this year based on financials reported by LIV Golf’s UK arm (and excluding its U.S. business).

LIV Golf’s financials were put under the microscope by Money in Sport, a newsletter following the money that is published on Substack. 

LIV Golf’s UK arm, which manages all of LIV’s operations outside of the U.S., filed its 2023 financials this week. 

Among the notable figures: 

Revenues picked up in 2023 from $4.9 million to $37.1 million, with Australia providing 45 percent of the annual total ($16.6 million) based on the LIV Adelaide tournament. 

Tournament hosting fees made up 37 percent of revenues, the largest category of income. Broadcast rights income amounted to only $3 million (8 percent of total revenue).

For any non-state organization, losses like this would be at the end of a death spiral. However, when dealing with a large sovereign wealth fund, where profit is not a motive, monetary losses are expected when trying to reach the objective. The PGAT handing negotiations over to Trump is the bigger news. Any DOJ antitrust investigation will either go away or quash a deal, depending on what Trump wants. The question is what can the Saudis give Trump, personally or politically, in exchange for a Saudi/PGAT deal?