LIV Gold files for bankruptcy | The Wisdom & Experience of Robert Craddock (14.09.26)
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Why did LIV Golf file for bankruptcy and what does it mean for the sport?
Hey, we watched as Live Golf filed for bankruptcy last week, and there's the continued reassurance, no, no, this is all part of the strategy. I don't think bankruptcy is part of the strategy, Crash, for whatever it's worth. No, it was fascinating 24 hours watching the reactions to it and a lot of silence, you know, for guys like Cam Smith, who of course signed on for 150 million. There's no, amongst the lesser likes, there's a collective will to keep it going. And they need apparently 35 signatures in the next 30 days to keep the show on the road. And they're talking, oh, we'll have tournaments here, there and around the world.
How big is LIV Golf’s debt and can the Saudi backers cover it?
But it could never be what it was, Gerard. It's got more than $500 million in debts. whether the saudis who bankroll the project pay those debts is yet to be seen or whether people just get a payout figure per dollar a few cents or whatever but ah look it's it's good and it's bad in that the bad side of it for australia is at least they were global you know that tournament in adelaide was wonderful and they still think they're going to keep going with good luck with that one But, you know, now that the PGA Tour has – the US PGA Tour has all the power again, wow, you know, they've never looked further than their nose. They make noises about caring about the game globally. It's not true, Gerard.
What impact does the US PGA Tour’s dominance have on global golf?
They just want as much power as they can and as many tournaments as they can over there. So, you know, the balance of world golf is not quite right. It's so US-centric. And I know there's a DP World Tour and that, but that was the one thing Liv did – bring a global look. You know, they went to Johannesburg, they went to London, they went to Adelaide, and they did take that around.
How did LIV Golf try to create a truly global tour and why did it struggle?
But you mightn't love their bosses and they've got a very, very poor human rights record, as we all know. But and their excesses were extraordinary. Some of the payout figures they did. Yeah. You know, with as we said, signing on for more than 100 million.
Why are LIV Golf’s player sign‑on deals considered unsustainable?
They said Tiger Woods was offered nearly a billion and said no. Rory McIlroy, half a billion. So it was, they didn't get everyone, but the trouble is, Jared, all their players are old now. They were old to start with, but Phil Mickelson, guys like that, Garcia's getting on. And so many of their senior players were former stars who are now well past their best.
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Chapters
5 chapters
1
Why did LIV Golf file for bankruptcy and what does it mean for the sport?
0:00–0:40
2
How big is LIV Golf’s debt and can the Saudi backers cover it?
0:40–1:23
3
What impact does the US PGA Tour’s dominance have on global golf?
1:23–1:45
4
How did LIV Golf try to create a truly global tour and why did it struggle?
1:45–2:00
5
Why are LIV Golf’s player sign‑on deals considered unsustainable?
2:00–2:26
Speakers
1 identifiedMore from Whateley
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