00:00like a percentage of these teams right how how many of these teams are actually profitable
00:04no it's that's the key here and one there's also the thing that's hard for us and i'm not even
00:08like
00:08saying they're incorrect but what do we make what does profit mean because it's like is that the
00:15profit because the saudi funded like like it's like profit outside of probably what the saudi's
00:21put in so it's you know like because they bought you those players and things like that so what
00:25does profit mean but um yeah i think like i'd say four of them are like they believe have real
00:32value
00:32i think the australian team i think the south african team uh the aces are really successful
00:37apparently with merchandising and whatnot i think a few of them like they believe of value uh live
00:43sent to us like that they believe i believe nine or ten of the 13 teams are going to be
00:47profitable
00:48this year again it's just this hard thing of like what does profit really mean here um which isn't
00:53to say it's wrong i just don't know if i buy it they're worth 300 million dollars but at the
00:58same
00:58time there is like i think australia is a good one to point to for why they have some optimism
01:03that
01:03they like directly partnered with junior golf in australia and they have these crazy intriguing
01:08events and tv viewership has come up and like players join the youth team and then they're now like part
01:14of
01:15the the rippers organization and like some like youth system so it's like that sounds cool on paper
01:21really does actually but like i just don't know how realistic a lot of this is
01:26just i think that to me is all the things you're talking about in terms of franchise valuation
01:31and even retracing where we started with this moment where there's two very different views of what this
01:38league could be whether it gets merged with the pga tour or team golf states feels like the story of
01:44the
01:44whole league right now i'm not going to call it yeah naive decision making because just your point
01:49about any sort of startup you have to invest a ton of money in it you know you have to
01:52kind of
01:53you know lead losses a little bit but it just feels like and i wonder if maybe it connects to
01:59what
01:59piff's overall like like either we reach this goal and and we become a successful player in golf or it's
02:05not worth it at all of like whether if they did take the deal where they kind of merged in
02:10there or if
02:10they did try to kind of do something more financially sustainable with these franchise valuations
02:15that maybe this league could have had a a more sustainable future but you're looking at it right
02:20now and to your point about gabby's reporting it's just especially if you don't have the bonuses to
02:25play these guys that pay these guys to stay you know if they leave how are you going to sell
02:30against
02:30a franchise that you know before was it was being unsustainably propped up by piff investments that
02:35like without that i just don't i don't i'm very curious to see what this league actually becomes
02:41like where does it live in the competitive structure is it like equivalent to pga tour america's
02:46cornbury tour like i i just don't know i mean you still have guys under contract but that to me
02:50is
02:50my big question mark is what even is this competition next year no exactly i think i think you're absolutely
02:56right and it just like quickly touch on your point it's like the hard part about evaluations is so much
03:01of the product was the money and that's not like that's that's what you were flaunting like that's not
03:07like you were pushing that like the thing you have here is the largest purses in golf and a hundred
03:13million dollars in your pocket day one or whatever and like that was the product and by the way that
03:18was the product in an even deeper way because like being involved with saudi funding was probably what
03:22brought a lot of these investors or i should say sponsors and things people wanted ssg wanted to
03:27partner with the saudis you know what i mean like people want to be in business with this wealth fund
03:31so like once that's gone what is the product and i think the product to your question to get to
03:38it
03:38is i think they're they landed on something with global golf i don't know if that was always like
03:42fully the plan that's startup thinking right but like you can't ignore the australia south africa
03:48success you just can't or a few others do like that and i think the pga tour like i don't
03:53know if
03:53they have the the willingness to go put that resource in and do that because that there's something
03:59there and i think you know one of our one of gabby sources suggested like what if they become just
04:03like what if this all kind of fails but it still becomes a like four event international series i
04:09don't know there's a place for it and i think scott o'neill his big through line he keeps saying
04:15is
04:16isn't this good like do you want us to go away isn't this good for golf and i get what
04:20he's saying
04:21to an extent of like you you don't want to get rid of better international now i think it's hard
04:26because like the dp world tour still exists it's almost like the best case for all this and this
04:31is talking out of my behind so forgive me like i don't want to like pretend i have sourcing here
04:35but
04:35like the best case scenario seems like some world would live and the dp world tour coexists in a good
04:41way
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