It was revealed that LIV Golf, which is being held under the auspices of Saudi Arabia’s sovereign wealth fund, was virtually unprofitable last year.
The American Professional Golf (PGA) Tour and LIV Golf are currently in the process of a countersuit. LIV Golf filed a lawsuit against its players, alleging that the suspension imposed by the PGA Tour violated antitrust laws.
Then, the PGA Tour counterclaimed, pointing out that LIV Golf took its players for astronomical down payment. Since then, the PGA Tour has requested that Saudi Arabia’s sovereign wealth fund (PIF) and governor Yasir al-Rumayan be added to the lawsuit.
LIV Golf is against this. because the case is delayed. The trial is scheduled to take place in January 2024 in the United States District Court for the Northern District of California. The related documents were supposed to be submitted by the end of March토토사이트, but the PGA Tour requested an extension of six months.
According to information obtained by The Guardian of England, LIV Golf said, “The PGA Tour has damaged the LIV Golf brand, and the amount of damage is estimated at hundreds of millions of dollars. In fact, profits have fallen to almost zero.”
“Just last month, the media reported that the PGA Tour made a rule that even non-members who participate in LIV Golf cannot participate in official competitions. If the PGA Tour continues anti-competitive behavior, the damage to LIV Golf is immeasurable.” added.
US Golf Digest said, “It is not surprising to hear that LIV Golf has not been able to generate revenue,” adding, “It spent a lot of money on player contracts and tournament expansion, but it failed to sign a contract for broadcast rights in 2022 and failed to attract sponsors.” In 2023, no new sponsors have been announced, but we have signed a contract with CW Network for broadcasting rights.”
LIV Golf, which was virtually unprofitable last year, is about to enter its second season. The opening match will be held in Mayakoba, Mexico on the 24th. The team name and captain have been announced for 2023, but the roster has not yet been finalized.