The first season of LIV Golf was a smashing success, as long as you don’t look at how much money the organization actually made.
The Saudi-backed golf league that made headlines in 2022 by offering whopping contracts to some of golf’s biggest names and luring more than a dozen of them away from the PGA Tour, made zero dollars in 2022.
LIV attorneys filed a U.S. District Court motion Monday stating that LIV clients had made “virtually zero”In 2022, money
“Delay will equally harm LIV because the Tour continues its anticompetitive conduct while the litigation is pending,”The attorneys wrote. “The Tour has damaged LIV’s brand, driven up its costs by hundreds of millions of dollars, and driven down revenues to virtually zero.”
That’s right. They were “virtually zero” dollars.
But even that’s not entirely accurate. You can see that they lost thousands of millions when you look at what they spent.
“Former LIV Golf president and COO Atul Khosla told ESPN in October that the Public Investment Fund spent about $784 million bankrolling the circuit’s first season in 2022, including employee salaries, build-outs at tournaments and production costs for broadcasting LIV events on social media and its official website.”
It’s true that if anyone has money to burn, it’s the Saudis. What amount of money will they burn? It appears we’re going to find out. The financial woes are not going away any time soon, either.
LIV’s “big”The CW has a television agreement. The CW is an American network that’s not considered to be the best in sports-watching.
LIV is a viable funding option for the Saudis. They can either fund it until it turns profitable or get tired of it. However, if LIV becomes a profitable venture and the competition is unsuccessful, then those PGA Tour defectors may find no league to play in.
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