WEBVTT - LIV Golf CEO Scott O'Neil Talks First Month on the Job

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>It is your first month on the job, so I

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<v Speaker 2>just want to start off by asking you, how are

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<v Speaker 2>you going to do things differently from your predecessor.

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<v Speaker 1>I'm not sure it's about doing things differently, but I

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<v Speaker 1>will tell you that we have this motto we've been

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<v Speaker 1>talking through. It's long Live Golf, and we are celebrating

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<v Speaker 1>the game of golf. We're celebrating the opportunity that we're

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<v Speaker 1>in a business that's growing, with a fandom that's actually

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<v Speaker 1>growing and increasing, which is incredible and inspiring. We have

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<v Speaker 1>this kickoff right here or tee off to our season

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<v Speaker 1>in Riad, which is a showcase of showcases. We have

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<v Speaker 1>the best golfers in the world. We have the Backstreet

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<v Speaker 1>Boys playing tonight. It's about as fun as it can

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<v Speaker 1>possibly be on a golf course.

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<v Speaker 2>So talk to me about why you brought the tournament

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<v Speaker 2>to Reod. This is the actual first tournament, live tournament

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<v Speaker 2>to end redd you mentioned Backstreet book, But how is

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<v Speaker 2>this going to appeal to the broader audience?

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<v Speaker 1>Well, first off, live is very different from a golf

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<v Speaker 1>tournament that you might have experienced and may have known.

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<v Speaker 3>We bring the fund to the game.

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<v Speaker 1>And so if you were here with us, which I

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<v Speaker 1>hope you are next year, you would find an incredible

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<v Speaker 1>fan zone which is teaming with families and interactive VR

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<v Speaker 1>and AR games. There's a bit of a carnival. We

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<v Speaker 1>have incredible food trucks, there's music in a stage where

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<v Speaker 1>you have incredible DJs and bands like the Backstreet Boys

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<v Speaker 1>coming on tonight. And then you have the best golfers

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<v Speaker 1>in the world, and so we want to bring them

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<v Speaker 1>to the four Corners of the world.

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<v Speaker 3>And in Riad you.

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<v Speaker 1>Have one of the most important cities in the world.

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<v Speaker 3>And so this is the center.

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<v Speaker 1>Yeah, and we're thrilled to be here.

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<v Speaker 2>Yeah. Well, many of our viewers watching this interview will

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<v Speaker 2>be interested to see where the discussions with the PGA

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<v Speaker 2>are going. And we know that the PGA Tour Commissioner

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<v Speaker 2>actually did go to the White House yesterday. He had

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<v Speaker 2>a meeting with President Chump and on the back of

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<v Speaker 2>that meeting he did say that Trump has brought PGA

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<v Speaker 2>closer to a deal with Live. Well, well, speaking to

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<v Speaker 2>you right now, what is the status of those conversations.

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<v Speaker 2>How close are we in reality.

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<v Speaker 3>To a deal?

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<v Speaker 1>You know, we have been four of and about growing

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<v Speaker 1>the game of golf, and there are so many new

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<v Speaker 1>and exciting leaders. If you look at Derek Sprague at

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<v Speaker 1>PGA of America and Mark Darbin at the RNA, and

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<v Speaker 1>I'm new at Live and I know the PGA is

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<v Speaker 1>looking for a new executive as well to work alongside Jay,

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<v Speaker 1>and I think that provides an opportunity for us all

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<v Speaker 1>to take a step back, appreciate where we are in

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<v Speaker 1>this moment of time, and move forward. The fact that

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<v Speaker 1>the leader of the free world, the President of the

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<v Speaker 1>United States, thinks that golf is this important that he

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<v Speaker 1>can engage makes us really happy and validates how important

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<v Speaker 1>this game is. And I still believe it's one of

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<v Speaker 1>life's great teachers and just as important as we could

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<v Speaker 1>possibly find today and bring this game together. So any

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<v Speaker 1>news that brings us closer to that, I think is

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<v Speaker 1>really welcome news for all the golf founds around the world.

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<v Speaker 2>Have you spoken to the President directly yourself?

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<v Speaker 3>I have not known.

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<v Speaker 1>In a few weeks, we'll be in Miami playing at Doral,

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<v Speaker 1>which is a trump course, and I imagine he'll make

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<v Speaker 1>an appearance there. But you know, in these first thirty days,

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<v Speaker 1>I've had the time of a life time in my

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<v Speaker 1>life getting to know these incredible stars like Brooks Koepka

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<v Speaker 1>and Dustin Johnson and Bryson d. Chambeau. We have the

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<v Speaker 1>best players from around the world. That's been an experience

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<v Speaker 1>getting ready for this incredible events season kicking off in

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<v Speaker 1>riod and getting our feet under us and planning for

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<v Speaker 1>the future.

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<v Speaker 2>Now, I know you're not in position to give us

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<v Speaker 2>the contours of the deal, but is it your expectation

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<v Speaker 2>that if a deal does come to fruition, that it

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<v Speaker 2>would allow for more coexistence between live players and the

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<v Speaker 2>PGA Tour. Is it your expectation that ultimately live players

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<v Speaker 2>could participate in the PGA Tour without being penalized.

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<v Speaker 1>You know, our focus right now is on making sure

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<v Speaker 1>we put the take the best players in the world

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<v Speaker 1>to the best locations in the world. It's a deal

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<v Speaker 1>and a construct that we've all been working on for

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<v Speaker 1>some time, and we're all focused on the same goals

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<v Speaker 1>and objectives, and that is to grow this game, put

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<v Speaker 1>as many of the greatest players on the biggest stages

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<v Speaker 1>of the world. And while I'd love to walk chapter

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<v Speaker 1>and verse into the deal, I will tell you that

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<v Speaker 1>anything that's good for this game is good for live

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<v Speaker 1>and we're thrilled that there's progress being made.

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<v Speaker 2>Yeah, I want of recent developments. Earlier this week at

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<v Speaker 2>the US Open, became the first major to actually create

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<v Speaker 2>an exemption for live goal players. Do you expect other

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<v Speaker 2>majors to follow suits as well?

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<v Speaker 1>You know, very appreciative of Mike Wan and his leadership

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<v Speaker 1>at the us GA.

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<v Speaker 3>We heard today.

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<v Speaker 1>From Mark Darbin, who runs the RNA and the Open Championship,

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<v Speaker 1>and they will be following suit, and at least the

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<v Speaker 1>early conversations with Derek Sprague at the PGA of America

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<v Speaker 1>are are very.

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<v Speaker 3>Positive as well.

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<v Speaker 1>So it seems as if the headwinds are becoming tailwinds.

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<v Speaker 1>There seems to be this incredible arc of momentum. And

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<v Speaker 1>whether that's you know, our deal with Fox in the US,

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<v Speaker 1>or our deal with I t V in the UK,

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<v Speaker 1>or all the incredible partners we've had. Madden is our

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<v Speaker 1>title partner here and Barri just came on board as

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<v Speaker 1>well and Ros So we're starting to get momentum in

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<v Speaker 1>terms of the entire business. So it's it's it's it's

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<v Speaker 1>quite expected in terms of where we're heading.

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<v Speaker 2>Yeah, you mentioned some of those broadcasting arrangements and obviously

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<v Speaker 2>the p IF have have put in billions into live revenues.

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<v Speaker 2>A big question mark from here onwards to what extent

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<v Speaker 2>do you think those types of broadcasting, those arrangements are

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<v Speaker 2>all going to be additive to your future revenue flow.

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<v Speaker 1>You know, I'm here for one reason, and that's because

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<v Speaker 1>spending time with his Excellency Yasser al Romayan is a

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<v Speaker 1>man of vision and compassion, passion for the game of golf.

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<v Speaker 1>He's got incredible love and understanding of what's to come

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<v Speaker 1>and the investment to put this many incredible star players

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<v Speaker 1>together will result in an incredible business. And so the

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<v Speaker 1>foundational years have been built and now we're ready to

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<v Speaker 1>grow this business. So it's a it's a really special

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<v Speaker 1>moment in time right now.

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<v Speaker 2>Yeah, beyond broadcasting arrangements, what are your priorities for growth

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<v Speaker 2>from here onwards?

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<v Speaker 1>Well, there are different parts of the business. You know,

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<v Speaker 1>we're a bit different from a traditional golf and that

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<v Speaker 1>we have teams and so Bryson D. Chambeau, for example,

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<v Speaker 1>has a team called the Crushers. Kopka has a team

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<v Speaker 1>called Smash.

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<v Speaker 3>Phil Nicholson has the high Flyers.

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<v Speaker 1>So you have different teams, Dustin Johnson, the Aces. So

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<v Speaker 1>for us, one part is how do we build value

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<v Speaker 1>in those teams, and a lot of that will be

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<v Speaker 1>driven through sponsorship and merchandise. On the league side, it's

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<v Speaker 1>a pretty traditional model. You know, it's broadcast and sponsorship

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<v Speaker 1>and then event revenue, which are ticket and hospitalities. So

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<v Speaker 1>it's a pretty similar business to what I'm accustomed to

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<v Speaker 1>in the US sports and we're looking to build on

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<v Speaker 1>the foundation that we have already.

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<v Speaker 2>And on the talent side, do you have any plans

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<v Speaker 2>to bring in any new star players to the Live League?

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<v Speaker 1>Well, we have a bit of a constellation of stars.

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<v Speaker 1>Now I mentioned a few before, but Waco'neman is another one.

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<v Speaker 1>Terrll Hatton might be the hottest golfer in the world,

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<v Speaker 1>and we signed three of the top five talented players

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<v Speaker 1>in the world to come on this year. So for us,

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<v Speaker 1>we have a constellation of stars. You don't have to

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<v Speaker 1>look too much further than our leader board to see

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<v Speaker 1>what's happening.

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<v Speaker 3>And it's a very special time.

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<v Speaker 2>I want to ask you about other jurisdictions. Obviously we

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<v Speaker 2>started off the interview speaking about the PGA, but I'm

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<v Speaker 2>curious to see whether you've set your sights on expansion

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<v Speaker 2>in Europe as well. A couple of months ago, Bloomberg

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<v Speaker 2>reported that you were considering a partnership or a tie

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<v Speaker 2>up with the DP World Tour. Can you elaborate on that,

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<v Speaker 2>or at least on some of your European expansion goals.

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<v Speaker 1>I very much appreciate your homework and your questions and

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<v Speaker 1>your diligence. It's very difficult to, as you can imagine,

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<v Speaker 1>to talk about ongoing negotiations or not in all of

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<v Speaker 1>these leagues or aspects DP World Tour. It's been well documented.

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<v Speaker 1>We have some work to do together, and we'll work

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<v Speaker 1>on that and make sure we make good headway. In

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<v Speaker 1>the meantime, you know, we have an incredible event at

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<v Speaker 1>Valderrama which will be amazing in Spain, and then at

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<v Speaker 1>JCB in the UK, and so we're well entrenched in Europe.

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<v Speaker 1>And how we all figure out how this ecosystem coexists

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<v Speaker 1>and how these puzzle pieces fit together. I think we'll

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<v Speaker 1>unfold over the next twelve to eighteen months.

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<v Speaker 3>Well, let me just.

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<v Speaker 2>Put the questions to you then. If we were having

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<v Speaker 2>this interview in a year's time, what would you deem

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<v Speaker 2>as a marker of your success. What are the achievables

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<v Speaker 2>that you would like to get to over the next

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<v Speaker 2>twelve to eighteen months.

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<v Speaker 1>I imagine you don't mean just a good night's sleep

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<v Speaker 1>and a happy smile, but that'll be the result of

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<v Speaker 1>a lot of positive momentum going forward. We have a

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<v Speaker 1>wonderful team here working very hard, so I would certainly

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<v Speaker 1>like to see increases in our viewership in the US

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<v Speaker 1>and around the world. We actually are in almost eight

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<v Speaker 1>hundred million homes around the world in eight hundred countries

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<v Speaker 1>and territories, and so how we're penetrating that how many

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<v Speaker 1>viewers is very important.

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<v Speaker 3>I'd like to see the game of golf continue to grow.

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<v Speaker 1>That's one of our core attributes in terms of how

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<v Speaker 1>we and KPIs how we look at this is can

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<v Speaker 1>we help grow the game of golf? And then from

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<v Speaker 1>a revenue standpoint, I have some very aggressive goals and

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<v Speaker 1>targets that we are very focused on in terms of

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<v Speaker 1>sponsorship and tickets, and so i'd imagine if a year

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<v Speaker 1>from now, I imagine I'd be having a big smile

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<v Speaker 1>after a very good night's sleep talking about some very

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<v Speaker 1>successful wins.

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<v Speaker 2>Yeah, do you think the world of golf is doing

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<v Speaker 2>enough to attract the younger audience these days, Well.

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<v Speaker 1>You don't have to look too much further than our events.

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<v Speaker 1>I mean, it is so much fun to come here,

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<v Speaker 1>so I think I do. Our teams and our stars

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<v Speaker 1>are so engaged in the communities. We put so many

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<v Speaker 1>incredible events on to engage the local community around the world.

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<v Speaker 1>But more importantly, if you cannot help but have fun

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<v Speaker 1>when you step on site. This is not like walking

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<v Speaker 1>into a library. This is quite more like going to

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<v Speaker 1>an event with your friends. There's music, and there's action,

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<v Speaker 1>and there's there DJs. It is just an absolutely integrated

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<v Speaker 1>experiential and emotional upswing