Kate Hawkesby

So the Saudi public fund, they're gone as of the end of this year.

So what to do?

I thought it was all going to fold, but they're actually, as they've announced this morning, they're into the market for a capital raise.

So they've got a new business plan.

I don't know what the new business plan is.

It still involves golfers turning up to play golf.

Anyway, it's an investor pitch.

They're on the road.

They're looking for backers for next year.

They're looking for somewhere between $420 and $600 million.

Is that a lot?

Not really, because the PGA costs $2 billion a year.

between the prizes and the TV rights and the staff.

So how are they going to run a tournament for $420 to $600 versus their competition at $2 billion?

In Saudi, they poured in $8.5 billion, which is why they're bailing, because they never made a profit.

So the whole idea for the model, if you didn't follow it, was the Saudis had enough money to bleed the PGA dry.

So in other words, the whole idea was the PGA would go broke and go...

crawling to the saudis and go let's do a deal let's merge it together the saudis would run international sport didn't happen so the saudis have bailed so do you think that by going to the marketplace and raising half a billion dollars you can save live no because live is rubbish it's this pointless you know i mean few people like a few beers and a few cocktails and they go you know that sort of thing because you've got the crowds and the noise and stuff but apart from that there's no one famous there

And those who were famous have all left.

Now, social housing, we won't spend too long on it because it doesn't strike me as particularly complicated.