00:00Yeah, well, and I think that one of the points being made on behalf of optimism that there will be
00:08investment is that there's a sense that some of the hesitance to invest and live prior to this was because
00:17the Saudis were involved.
00:18And that maybe that there's more of a, you know, willingness to get involved because that regime and just, you
00:24know, the way that they've done things in the past and just how there's this trepidation there around who's controlling
00:29the business and, you know, what's the human rights track record, all those sorts of things, you know, come into
00:34play for a potential investor.
00:36I think it's, man, I also think that to your point on both the bankruptcy deal and the fact that
00:42the whole, there are reports around the force majeure trying to invoke that to get out of these deals.
00:46Like they're looking for outs and just, they're trying to get off the hook for all these big financial commitments
00:52they've made.
00:53I think if you're looking at this, I think you got to put yourself in three different places.
00:58Like you have to put it yourself in the live players position.
01:01You have to put yourself in the live, you know, administrator, CEO type of position.
01:05You have to put yourself in a potential investor's position.
01:08Investor's position.
01:09And so starting with the player, I just, if you're talking about a potential bankruptcy case and especially if you're
01:17a John Romney, you have a longer term deal and you are wondering like how much of that money am
01:23I going to get?
01:23Am I going to get any of that money depending on what it looks like in court?
01:26Again, not saying we're bankruptcy experts, but just knowing that that's the general way these things work is, is do
01:33what, like how much longer do I want to keep playing this and delaying a return to a tour where
01:38I actually will get paid long term?
01:40If the whole idea was to come here for guaranteed money, I'm not going to get the bulk sum of
01:44that.
01:45Like if I came for 400 million, I'm only getting 200 of it and I've gotten, and I've already, you
01:49know, I've got, I've got 150 million of that already in the bank.
01:52Like at what point do I cut bait right now and get out of here?
01:55And by the way, like if, if they are actively trying to shed money, I know, I know it hurts
02:02their ability to go out and fundraise against the league, but like they're, they're playing this game of chicken where
02:06it's like you, you need the John Rom's and the Bryson DeChambeau.
02:10To go attract potential investors.
02:12But at a certain point, if you're not going to get the investment, you got to shed those contracts.
02:15If guys want to get out.
02:17So you're not on the hook for those things.
02:18So I feel like if, if I'm a, if I'm one of those guys and I want to be playing
02:22competitive golf, I'm trying to see if there is a Brooks Koepka ask out to, to, to, you know, just
02:28say, Hey, let's just both cut our losses here because then you don't have to worry about this.
02:32That it's, it's two sides of the, because, because, because the bankruptcy, what, what if they don't get the money?
02:38Why are we even here?
02:39Now my delay, now I can't play tour events.
02:41It's so hard.
02:42Cause it like from, from an investment standpoint and portfolio of players, you need it to be attractive.
02:49Like you need John Rom in there.
02:51So they're thinking like, how, how can we still pay him leverage those guys?
02:57I get that.
02:57Cause if it, if it wasn't upfront and if it was installments of every year, we're paying you X it's
03:02now you're in a position of where are you going to come up with that extra $50 million?
03:07Um, yeah, I don't know.
03:12That's the question, but that was, that was all calculated risk.
03:16Well, and I think, I think that's from a player's perspective from the, from the administrator's perspective.
03:20It's a little bit of what we just touched on there where it's like, what's the balancing act here?
03:25Like I need to go out and try to get this money and sell this, but at a certain point,
03:29I got to figure out how to get out of this as fast as I can without us, you know,
03:33being on the hook to make all these investors and people good that we currently had.
03:37And then I think from the investor side, it's, I just don't get, I think, I think, I think it
03:42would take a lot of vanity to invest in this and a lot of like, you know, cause, cause the,
03:47the things that they're banking on, like, you can't tell me that if the league's been spending a billion, all
03:52these past few years to get where they are now.
03:55And you're asking for 250 million.
03:58Yeah.
03:58You're sacrificing something.
04:00There, there, there, there just no way, like the quality of it has to suffer.
04:03Something has to suffer there.
04:05There have to be cuts.
04:05Right.
04:06And I'm sure there are some easy cuts, but I'm sure there, it's not like all those are going to
04:09be easy cuts to get down to that number.
04:11So live like from a TV side to Charlie, like, we don't talk about that enough.
04:16That's the thing.
04:17We've talked about purses.
04:19We've talked about, uh, we talked about the players, but like they, they don't, they're not making a ton on
04:26these TV deals cause it has not worked in the States.
04:29So that's like one of their big problems, but also how much money Piff was spending on TV.
04:36Cause live was producing all of this Foxes has not produced it.
04:39So the in-house production and how much they invested into that was a reason why a lot of people
04:45enjoyed the product because there was a ton of shots, ton of cameras, and a lot of people working on
04:50the show.
04:51Now, if you get a ripped version of that show, that is now a ton of advertisements.
04:58Well, a lot of people that enjoyed the show because of, uh, the less commercials and seeing all the shots
05:04and all the different streams, like then you're losing the, the people that really enjoyed the product.
05:10Now if the product was, was never quite for me, I, I never really have enjoyed it too much going
05:15on and, uh, and that's okay.
05:18Like I, I'm fine for people that, that do like the product.
05:21It's just, it's just not what I enjoy watching.
05:23I'm a traditionalist.
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