LIV Golf’s first season earnings were ‘virtually ZERO’
LIV Golf’s revenue from its first season was “virtually ZERO” after the Saudi PIF “spent $784 million to fund the series” … as circuit lawyers claim the PGA Tour “damaged LIV’s brand.” “.
Though LIV Golf made waves during its debut campaign, it made “virtually zero” revenue, according to its attorneys.
LIV Golf, which is funded by the Public Investment Fund of Saudi Arabia, asked US District Court Judge Beth Labson Freeman to deny the PGA Tour’s motion to have the Public Investment Fund and its governor Yasir Al-Rumayyan as plaintiffs in record the tour counterclaim against LIV Golf.
The PGA Tour claims LIV Golf interfered with its contract with players.
According to its lawyers, the Saudi-backed circle is said to have generated “virtually zero” revenue
The tour wants the Saudi PIF and its governor to be added as plaintiffs in a counterclaim against LIV
During the filing, the Saudi-backed circle’s lawyers shed light on the alleged minimal earnings made in the first season.
“The Tour’s amendment should be rejected because the amendment would be futile, would cause unfair disadvantage, was unduly delayed and appears to be intended to unduly delay the case and resolution of the plaintiffs’ antitrust claims,” they wrote Monday.
“A delay will equally harm LIV as the tour continues its anti-competitive behavior while the lawsuit is pending.
“The tour damaged the LIV brand, adding hundreds of millions of dollars to their costs and driving revenues to virtually zero.”
Former president Atul Khosla told the outlet last year the PIF spent about $784 million to “fund” the first season on “staff salaries, production and set-up at tournaments,” though according to the ex-COO, no player salaries were included.
On Monday, the tour’s attorneys requested a conference hearing with Freeman to discuss whether the January 2024 hearing date should be postponed along with investigation deadlines because the Public Investment Fund allegedly failed investigations and filings.
The sides’ arguments will be heard by Freeman at a case management conference on February 24.
LIV Golf’s second season, which will include 14 tournaments, is scheduled to open February 24-26 at El Camaleon Golf Course in Mayakoba, Mexico.
More litigation follows, including a lengthy arbitration hearing that will effectively decide whether LIV players can continue to work in the black light on the DP World Tour.
LIV Golf CEO Greg Norman has remained a popular figure on the circuit well into its inaugural season
https://www.dailymail.co.uk/sport/golf/article-11724395/LIV-Golfs-revenue-season-virtually-ZERO.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 LIV Golf’s first season earnings were ‘virtually ZERO’