00:00So let's talk about the state of LiveGolf. I know you've said before you need about three years to
00:04reach profitability. At this moment, what is the amount of funding you're looking for and how is
00:09the journey to getting that funding? Sure, we're looking at raising $300 million and we're talking
00:14to a combination of traditional private equity investors that invest in sports, talking to family
00:20offices, and a group that I would characterize as sports team owner billionaires. And they take
00:26place mostly in North America, a good healthy dose in the UK and some in Europe, and then of course
00:32some in Asia, Australia, and South Africa. What kind of rights are people demanding? What kind of
00:38stakes are they looking at? Just give me a sense of what the conversations look like and how they're
00:42shaping up. You know, it's a really interesting dynamic in that we have billions of dollars of
00:47NOLs, net operating losses, that we believe we can carry forward with the business. And so that
00:53has us structuring the company in a very unique way. So we're spending a lot of time with investors,
01:01really understanding how to best preserve those NOLs, which is for me, you know, I love my way
01:07around a deal. And being able to work with the advisors we have and do Sarah, our bank, has been
01:12quite an experience. So it's not just a stake in the league that perhaps people are looking for. They
01:17might also have team level investments that they could be looking to achieve. Yes, absolutely. I'll just
01:23take you to tell you a little stories is when I was at Madison Square Garden, I was the president
01:27of Madison Square Garden. I started in 2008. You very well know what was happening in 2008 with the
01:31financial crisis. And the Knicks were valued around 600 million. The New York Rangers were
01:37valued about 400 million. And you look today, and there isn't a person on the planet that would value
01:41the New York Knicks under $10 billion. Especially not now. And not a person on the planet that would
01:45value the New York Rangers under $4 billion. And you think about this growth in team valuation,
01:49and that's what we think is the economic engine to drive Liv. So when you invest in the league,
01:54you also get stakes in all the teams. I mean, Liv also just had this really unique prospect coming
02:00in. But the PGA responded. It responded with mega purses, giving players some stakes in certain
02:07tournaments. Now that the PGA has responded, what is Liv's USP? What is your unique selling
02:13point in which you exist in the golf world? Yes, I think the PGA Tour does a wonderful job
02:20serving the 340 million US golf fans. It's the 8 billion that I work with. And so we operate on
02:28five continents, we're in 10 countries, and incredible golf markets that are growing like a weed.
02:34And so the whole bet is, are you buying the 8 billion or are you buying the 340 million?
02:39And I love the 340 million bet for the PGA Tour. I just like the Liv golf bet for the
02:458 billion a lot more.
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