00:00We, in early June after Valderrama, there was, there was like a sort of a break in the schedule. There
00:07was a lack of clarity over, you know, remaining events on the tour. There's a sort of move toward live
00:14golf 2.0 where bankruptcies on the table. They're looking for investors in the 250 million to 300 million range.
00:21They're restructuring the live golf 2.0 where players are going to be offered equity instead of these, these large
00:27contracts to acquire them to bring them over to play like, like the live 1.0, so to speak, how
00:32that sort of function. And so there are interesting things there where John Rahm, you know, a lot of these
00:38contracts that were initially signed were sort of front loaded where guys would get like half their guaranteed money up
00:42front. John Rahm's is back loaded.
00:44So in a bankruptcy type of situation, he can end up being one of the biggest creditors to the league,
00:49which of course would impact whatever deal sheets in front of him that includes equity and live 2.0. And
00:56so there, and then there's also there, there was, there was of course the cancel event in new Orleans. Now
01:00we've just found out to confirm this week on the live broadcast, the team championship in Michigan will not happen.
01:06So there's just one more event for the live golf tour this year at Indianapolis. And then the season will
01:11conclude.
01:11Um, there is, there were a, uh, I'm pulling my notes here to make sure I don't miss anything, but
01:19there, there was, uh, of course, Scott O'Neill said that the live golf has an agreement in place with
01:24a lead investor signed by the investor approved by the board. That's supposed to be $250 million, but it's phrased
01:31in such a way where we're not exactly sure what that investment entails, you know, and we're not exactly sure
01:38as to what that investor strategy might be in terms of how they'd reach
01:41structure after bankruptcy and, and, and what that would mean for dissolution of contracts. Um, Scott, Scott O'Neill has
01:48also been very coy on, you know, whether or not, like every time he's asked about, of course, we want
01:52to have Bryson DeChambeau and John Rahm and all these guys here for years and beyond.
01:56But I think a lot of those guys haven't really been definitive about their potential moves. So what we know
02:02about the league for the most part is with this $250 million injection, that the structure of it should be
02:0910 events total, five domestic, five international.
02:14And I just, so maybe we just kind of start there smiling with all this stuff going on. And I'm
02:19sure there will bring back up details that I might've missed in the sort of rundown as we kind of
02:22continue to break down what the future looks like. But to me, that's a really strong mini tour, right? Like
02:29that's something that I didn't know where you're going to go there.
02:33I mean, I, I, I wonder like what the PGA tour response or others would have been if this was
02:38like the initial sort of offering, like if it was, Hey, you can play this and you can play. Cause
02:44for a lot of these guys, you'd assume that maybe assumptions are wrong idea here, but just that we saw
02:50a bunch of these guys, nine live players that structure this agreement with the DP world tour after, you know,
02:56all the sort of court, the appeals situation was resolved by these agreements where it said, Hey, if you come
03:01and play,
03:01and these, you know, whatever four to six events that we're mandating, you have to play and you do all
03:06this media stuff for us, we'll allow you to play on the live tour. And they signed those deals and
03:11it worked out. And so you could see how there would be a potential for a guy who wanted to
03:16do the 10 sort of, you know, glorified mini tour events on live next year, and also play another international
03:23tour where you can continue to get world ranking points and things like that. That could potentially be an option,
03:27but I just, you know, it's, it's the 2.0 is,
03:33I'll stop and kind of get your thoughts, but I'm kind of wondering, like, why are we even doing this
03:37in its current form? Just because I just don't know what it does for the landscape of golf.
03:42I think it was really interested to hear, like, who, like, who are the investors? You know, is it a,
03:48was it going to be, you know, five or six very wealthy people that just wanted to own something was
03:53going to just be one owner who said, I, I'm in, you know, this is, this is my chance to,
03:59to own something that I can't buy an NFL team. So I'm going to buy this golf tour. And I'm
04:04going to be famous because of it. I, nobody knew what it was going to be. I think a lot
04:08of people felt private equity.
04:10Most likely most likely was going to be the way that they went, but then seeing the reports that it's
04:14BC partners, which it's a crediting agency, the way I understand it. So that wasn't exactly when I, when I
04:24read that news and, and, and very, like, I'm not, I'm not an expert in this at all.
04:29Like I'd much rather talk to you about a P one to P two in a golf swing, but it
04:34wasn't as an attractive of a partner as some were predicting with a big private equity group to see this
04:43as actually a business.
04:44It was much more of a, Hey, this might help us on our balance sheet from a crediting standpoint. And
04:51I don't think that, that many people in the business world see this as like a, Oh, this is going
04:57to turn web golf around.
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