LIV Golf faces major financial issues
LIV Golf, the Saudi Arabian-backed rebel golf circuit, could lose an incredible $355 million by 2028.
Leaked LIV Golf records indicate the circuit needs to meet certain targets to achieve financial success.
However, the rebel golf league hasn’t met its targets so far and there is fear it may not achieve success without landing one of the sport’s biggest players.
Leaked documents advised the LIV Golf circuit to sign some of the top players in world golf.
Tiger Woods and Rory McIlroy were two of the players LIV Golf was advised to snatch up.
The additions of big-name players would enable the golf league to build a fanbase and become a part of the sport’s landscape.
The Golf season is underway with the PGA Tour teeing off in December and January.
Although Woods and McIlroy did not join the LIV Golf circuit, the league was about to land some big names, including Dustin Johnson, Brooks Koepka, Bryson DeChambeau, Cameron Smith, and Phil Mickelson.
The players who joined the LIV Golf league were provided with massive contracts, but their defection from the PGA split the world of golf into two.
LIV Golf aims to revolutionize the sport. It always faced challenges due to the PGA’s long history, however.
The league was unable to attract many of the world’s best players. Indeed, fewer than 50% of the top 12 players in the world joined the circuit.
The excitement amongst golf fans failed to grow in the league’s first year due to the lack of top players.
LIV Golf has been forced to deal with “start-up” costs.
There was also a backlash from the golf community, as fans failed to get on board with the tournaments. Sponsorships have been limited for LIV Golf due to it being backed by Saudi Arabia.
The combination of circumstances could see LIV Golf lose $355m by 2028.
Mickelson was LIV Golf’s biggest signing for its first year.
“Lefty” was seen as one of the “Big 3” along with Woods and McIlroy. Mickelson is a major supporter of LIV Golf after he signed a contract for $200m.
The golfer stated he joined LIV Golf to change the way the PGA Tour operates.
While Mickelson has been a proponent of the breakaway golf league, Woods and McIlroy have spoken against it.
It is believed LIV Golf offered Woods up to $800m to join the circuit.
LIV Golf’s tournaments can be viewed on the league’s YouTube channel.
The viewership for all of LIV Golf’s events has been low. The golf league doesn’t have a television deal currently.
However, CEO Greg Norman has stated a television deal is the circuit’s top priority.
LIV Golf attempted to gain deals with major American broadcasters including ESPN, NBC, and CBS, but the three broadcasters weren’t interested.
In addition, streaming services Amazon Prime and Apple also baulked at a deal with LIV Golf. The golf league’s inability to gain a media deal has led it to consider paying Fox Sports to broadcast its events.
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