![]() “What I do wake up in the nighttime: worrying about how the players have been treated. “I don’t wake up with any fear about what LIV is and where LIV’s going to go because LIV is the future of golf,” he said. Whatever happens, LIV Golf has certainly put a scare into the PGA Tour, which really may have been all that LIV Golf CEO and commissioner Greg Norman wanted to accomplish when he accepted the gig to serve as a thorn in the side of his former employer. ( Forbes estimates LIV will generate less than $75 million in revenue this year compared with $1.5 billion for the PGA Tour.) A good way to lock up those partners would likely be for LIV to shed the association it has with the PIF, at least in the eyes of the public, a nifty trick that may be impossible to pull off. Thanks to the PIF’s full coffers, LIV’s short-term outlook is secure, but the league will eventually have to secure some revenue from broadcast and sponsorship partners if it wants to have sustainable, long-term success. ![]() We are not in the market to go raise another fund in the next couple of years which requires an exit strategy.” “We have the luxury to have a very long outlook. “PIF is not classic private equity,” LIV Golf president and COO Atul Khosla told the publication. ”īut will that future ever be profitable? If LIV Golf is successful in its plan to target Millennial and Gen Z fans as opposed to going after the PGA Tour crowd (viewers are typically over 45) to attract partners, the 54-hole tournament league could be break-even in as little as three years, according to Forbes. “Our future is bright and we continue to be excited by the player and fan response. “LIV Golf, as a start-up, is proud to offer our golfers competitive contracts,” an LIV spokesman told The Wall Street Journal. That mindset is trickling down to its players, who will be awarded a $1 million bonus for winning any of golf’s four major championships - but also may never be allowed to play in them again. For the PIF, which plans to spend at least $2.4 billion on the league over the next four seasons, money ain’t a thang. The biggest reason for that, of course, is that the upstart series is backed by the Public Investment Fund of Saudi Arabia and the $620 billion in assets it possesses, according to Forbes. Now with three events under its belt and 10 of the world’s top 50 players inked to contracts that require them to wear LIV apparel when playing in non-LIV events, instruct them to refrain from giving interviews without approval and insist they must assist in recruiting other players to LIV when requested, LIV Golf has been able to make major waves despite not having a national broadcast deal or big league sponsorship partners. Play began outside London at LIV Golf’s first-ever tournament days later and the rest, as they say, is history. ![]() Open champion Bryson DeChambeau, officially joined LIV Golf for a deal worth $200 million in early June. Months later, Mickelson emerged from hiding and, along with other big-name golfers like former world No. Many of Mickelson’s sponsors found the association distasteful and dropped him. Occidental has been the best-performing stock in the S&P 500, benefiting from surging oil prices.īuffett's growing bet on Occidental has inspired a legion of small investors to follow suit, making it a favorite retail stock this year, according to data from VandaTrack.In February, long before the summer of golf’s discontent, an excerpt from an upcoming biography on Phil Mickelson was released that partially explained his rumored association with the yet-to-begin, Saudi-backed LIV Golf Series. "Vicki was saying what the company had gone through and where it was now and what they planned to do with the money," he added. And I decided that it was a good place to put Berkshire's money," Buffett said of Occidental's CEO during Berkshire's annual meeting in April. "What Vicki Hollub was saying made nothing but sense. The "Oracle of Omaha" started buying the stock after reading through Occidental's annual report and gaining confidence in the company's growth and its leadership. "He has always said he would only do friendly deals, so that he may have agreed with the OXY board on that limit," said Bill Stone, CIO of The Glenview Trust Company and a Berkshire shareholder. Some speculated that Berkshire and Occidental had been in communication about the potential move to increase the stake to up to 50%. So far his maximum purchase price has been $60.37 per share." "He clearly plans to purchase additional shares. The 50% limit may have been set to receive FERC approval for a non-controlling stake," Kass said. "I think it is likely that Buffett will buy the whole thing eventually.
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