WEBVTT - LIV’s savior investor: real or fake? And Flashback Friday 0:00:00.120 --> 0:00:04.120 Now, the Shotgun Starting Golf is full of mathematics. There's 0:00:04.160 --> 0:00:06.240 a lot of a lot of setup work that we 0:00:06.320 --> 0:00:08.160 have to do in order to make a tournament work. 0:00:09.039 --> 0:00:12.080 So I'm going to demonstrate to you just exactly how 0:00:12.119 --> 0:00:15.560 we do a shotgun start here week. 0:00:17.079 --> 0:00:24.320 All right, all right, all right, did no man dark 0:00:25.040 --> 0:00:42.720 you are greedy to welcome to a Friday edition of 0:00:42.760 --> 0:00:46.960 The Shotgun Start. It is August seventh, Andy, how we doing. 0:00:47.520 --> 0:00:52.120 Brendan, I'm doing fantastic. I had a great week showing 0:00:52.320 --> 0:00:55.880 showing a bunch of people around the fair city of Chicago. 0:00:57.000 --> 0:00:59.040 Fair City of Chicago. Is that a phrase there? 0:00:59.080 --> 0:00:59.240 Is that? 0:00:59.360 --> 0:01:02.560 Just something new pulled up as we lead into the podcast. 0:01:02.600 --> 0:01:06.720 That's just what I didn't tell you that adjective. 0:01:07.200 --> 0:01:09.319 All right, there you go. I'm glad we've got We've 0:01:09.360 --> 0:01:13.160 got a lot of content coming around Chicago. Chicago Guides 0:01:13.319 --> 0:01:19.200 video written as we steve head towards the President's Cup 0:01:19.319 --> 0:01:20.920 at the end of the end of September, we've got 0:01:20.959 --> 0:01:24.120 playoffs to sort through, FedEx cups to sort through. May 0:01:24.240 --> 0:01:25.880 know a little bit more about the end of September, 0:01:25.959 --> 0:01:30.720 whether Live is still a thing, funded, credited, whatever it 0:01:30.800 --> 0:01:33.360 may be by the end of September. We'll talk about 0:01:33.400 --> 0:01:33.960 that in a minute. 0:01:33.959 --> 0:01:37.959 It seems like that was a pretty premature announcement of funding. 0:01:40.560 --> 0:01:43.360 Yeah, yeah, you could say that you want to do 0:01:43.480 --> 0:01:46.679 that right now, you want to dispense with the uh. 0:01:47.600 --> 0:01:51.920 So Wednesday morning, ten a m. Eastern there is a 0:01:52.000 --> 0:01:54.840 press conference call for Live Bedminster. 0:01:56.960 --> 0:01:57.080 Uh. 0:01:57.240 --> 0:02:00.600 There's no details, there's no there's no COURUS responding or 0:02:00.720 --> 0:02:07.280 concurrent press release, documents, official statements of any kind. It's 0:02:07.480 --> 0:02:11.959 just Scott O'Neill up there, free will in it purplely 0:02:12.600 --> 0:02:16.560 orally Yeah yeah, I uh, I'm do the TikTok here. 0:02:16.600 --> 0:02:21.239 But but one conclusion is Scott O'Neill he made I 0:02:21.520 --> 0:02:23.160 don't think he's a bad guy. He seems like a 0:02:23.280 --> 0:02:26.440 nice man put in a very tough spot. He also 0:02:26.560 --> 0:02:28.239 may be kind of a do fist and sell it 0:02:28.360 --> 0:02:31.679 used car salesman like elements to it. But I do 0:02:31.840 --> 0:02:35.079 think he might not be a bad guy. And in 0:02:35.200 --> 0:02:39.639 a very very challenging situation that he's trying to, you know, 0:02:39.760 --> 0:02:42.720 put whipped cream on on shit, as they say. Uh, 0:02:43.280 --> 0:02:45.280 And that's a tough spot and doesn't make you always 0:02:45.320 --> 0:02:50.840 look like the uh most forthright person, you know, when 0:02:51.440 --> 0:02:54.399 is it's your charge to do that? So ten Am 0:02:55.160 --> 0:02:58.080 calls a press conference. The language is, we're very fortunate 0:02:58.160 --> 0:03:00.520 that e Laite investor has signed a term she approved 0:03:00.520 --> 0:03:06.760 by our board which will carry and fund Live going forward. 0:03:07.480 --> 0:03:09.480 At the end of that press conference, if the deal 0:03:09.560 --> 0:03:12.280 gets finalized, there will be a twenty two Will there 0:03:12.360 --> 0:03:14.880 be a twenty twenty seven season, he's asked, And twenty 0:03:14.960 --> 0:03:17.920 eight he says, and twenty nine and thirty, So we're 0:03:18.000 --> 0:03:20.280 led to believe this deal will carry and fund Live 0:03:20.360 --> 0:03:23.920 going forward through maybe twenty thirty. That's what we understand. 0:03:26.360 --> 0:03:28.720 The quotes are along the lines agreement in place with 0:03:28.720 --> 0:03:32.200 the lead investor, signed by investor approved by the board 0:03:32.480 --> 0:03:37.720 to anchor the transaction, which is a curious use of 0:03:37.920 --> 0:03:40.640 you know, kind of word salad, to anchor the transaction 0:03:41.720 --> 0:03:43.840 and play a key role in supporting the path forward 0:03:43.880 --> 0:03:47.360 for Leaves Next Lives Next era. Our next chapter will 0:03:47.400 --> 0:03:50.640 make our players majority equity holders and Live Golf, a 0:03:50.760 --> 0:03:55.680 first for a major global sports league. So that's ten Am. 0:03:56.760 --> 0:03:59.440 It's just Scott O'Neill on the dais that's what we have. 0:04:00.040 --> 0:04:03.720 Can we just back up and sure look at the verbiage. 0:04:04.040 --> 0:04:04.920 He always. 0:04:06.200 --> 0:04:15.120 Lead investor, carrying fund live, going forward, carrying fun It's 0:04:15.240 --> 0:04:19.680 just an odd use of the word investor. It is 0:04:19.839 --> 0:04:20.800 what came out later. 0:04:21.279 --> 0:04:26.200 It is sign term sheet approved by the board. Yes, 0:04:26.480 --> 0:04:28.800 how much of that is it is a true statement? 0:04:31.200 --> 0:04:35.599 Uh well, the truth is sort of a subjective sort 0:04:35.640 --> 0:04:37.320 of shifting. 0:04:38.080 --> 0:04:41.800 It's wackle. You get up and just say something is 0:04:41.880 --> 0:04:43.160 categorically untrue. 0:04:44.400 --> 0:04:46.960 So an hour and a half after he talks, we'll 0:04:47.000 --> 0:04:49.919 get to where the holes may come in the statement. 0:04:50.480 --> 0:04:53.160 Hour and a half, Dry talks. Live finally issues in 0:04:53.160 --> 0:04:57.400 an official statement, which sounds, i would say, different than 0:04:57.440 --> 0:05:01.720 the characterizations from the oral press conference. Lift Golf has 0:05:01.720 --> 0:05:04.560 an agreement in place with the lead investor, signed by 0:05:04.600 --> 0:05:07.000 the investor, proved by the board, to anchor the transaction 0:05:07.120 --> 0:05:09.000 and play key role in supporting the path forward for 0:05:09.040 --> 0:05:11.359 the league's next era, driven by and for the players. 0:05:12.279 --> 0:05:18.720 That seems similar verbiage, similar language, very such ads. We're 0:05:18.760 --> 0:05:21.720 seeing strong interest from more than a dozen additional parties, 0:05:21.760 --> 0:05:23.920 which she said, you know, everybody's ready to get in 0:05:24.000 --> 0:05:24.279 the boat. 0:05:24.320 --> 0:05:25.520 We just need the boat. 0:05:26.080 --> 0:05:27.600 You know, we got a lot of people ready to 0:05:27.680 --> 0:05:31.479 get in and help sail it, help you know, run 0:05:31.560 --> 0:05:38.840 the sales, but we need people to get in lead investor. 0:05:39.080 --> 0:05:44.719 Let's get to this language. Later that day, Bloomberg reports 0:05:45.000 --> 0:05:47.680 BC Partners, of course, we have no idea how much, 0:05:47.800 --> 0:05:50.280 who what? And Joseph and I do a little. This 0:05:50.440 --> 0:05:54.279 is was in your feed reaction to understanding who what where? 0:05:54.360 --> 0:05:54.520 When? 0:05:54.640 --> 0:05:58.360 We still don't know. It's just lead investor. So Bloomberg 0:05:58.440 --> 0:06:00.760 then comes in with a report that be see Partner's 0:06:00.960 --> 0:06:04.960 credit arm is leading a group of investors looking at 0:06:05.160 --> 0:06:10.880 lending money to live golf. So the credit arm lending 0:06:11.279 --> 0:06:16.360 money to live golf. Well, that's that's not an investor, right, No, 0:06:16.720 --> 0:06:20.039 BC partner does have is a big wonder based private 0:06:20.080 --> 0:06:24.680 equity company, does have an equity an investment arm also 0:06:24.760 --> 0:06:25.960 has a credit division. 0:06:26.480 --> 0:06:29.320 I wanted to just check, you know, with with somebody 0:06:29.400 --> 0:06:32.760 else about this, so I just you know, I asked, 0:06:33.600 --> 0:06:36.640 I asked AI, which you call someone who loans you 0:06:36.760 --> 0:06:44.200 money an investor? And their response was no, No, at 0:06:44.320 --> 0:06:46.120 least not in the standard usage. 0:06:48.960 --> 0:06:52.400 Uh So that is a Bloomberg Business report. 0:06:53.240 --> 0:06:57.080 BC credit army lending should be called a lender or 0:06:57.160 --> 0:07:01.479 a creditor. Of course. The funny thing is the way 0:07:01.680 --> 0:07:06.200 everybody reacted to this because everybody reacts. I was PJ 0:07:06.360 --> 0:07:09.160 and I and some others were filming some stuff, so 0:07:09.240 --> 0:07:12.640 I was kind of silent, but I was taking in everything. 0:07:13.840 --> 0:07:16.480 Everybody's acting like it's like this huge deal and then 0:07:16.600 --> 0:07:20.240 this comes out. But this is where like usually people 0:07:20.400 --> 0:07:24.800 announce things and you you if anything you withhold details 0:07:24.840 --> 0:07:29.280 in your extra conservative in an announcement, would you agree 0:07:29.320 --> 0:07:32.680 with that kind of you try and be a little 0:07:32.720 --> 0:07:37.080 bit more conservative on this one. It I don't know 0:07:37.160 --> 0:07:44.480 what the right word is. Almost I felt misled spoken mirrors. 0:07:44.760 --> 0:07:50.480 Yeah to raid, this should be we were we found 0:07:50.560 --> 0:07:54.440 a creditor. How the headlines would be different is like 0:07:55.040 --> 0:07:58.880 we found a creditor to loan us maybe to maybe 0:07:59.080 --> 0:08:03.760 loan us money. Of course, you know, I. 0:08:05.640 --> 0:08:08.640 Know a little bit about finance. I wouldn't say, I'm 0:08:10.040 --> 0:08:12.200 why can't turn around a whiz kid? 0:08:12.440 --> 0:08:12.800 I don't know. 0:08:12.920 --> 0:08:16.480 It's just heard a noise out the window. You know, 0:08:16.560 --> 0:08:19.120 if they're if it's alone, that would be need to 0:08:19.400 --> 0:08:23.040 need to provide you know, payback be returned from a 0:08:23.120 --> 0:08:26.600 business that is or an entity or a subject or 0:08:26.640 --> 0:08:29.280 an asset that is hopefully profitable in some way and 0:08:29.400 --> 0:08:33.880 can pay it back with interest. I don't know if 0:08:33.960 --> 0:08:37.920 LIFF can do that in its current structure, but maybe 0:08:38.040 --> 0:08:40.240 some future Live two point zero. 0:08:40.200 --> 0:08:44.160 Might get there. Who knows, all right. Four thirty four 0:08:44.320 --> 0:08:44.840 twenty one. 0:08:45.040 --> 0:08:49.960 Dan Premack of Axios Business Editor reports Lift Golf says 0:08:49.960 --> 0:08:52.400 it has a signed agreement quote unquote with the new 0:08:52.520 --> 0:08:56.600 financing with a quote lead investor. It doesn't idea, then't 0:08:56.640 --> 0:09:00.360 let lead investor, but it's BC Partners. A source, however, 0:09:00.679 --> 0:09:04.920 disputes that the deal is signed. I wonder if it's 0:09:05.320 --> 0:09:07.719 maybe more of an l o I. This is from 0:09:07.840 --> 0:09:12.240 Axios Business Reporting. So as the day progressed, we just 0:09:12.320 --> 0:09:15.559 start to see that we peel back the onion and 0:09:15.640 --> 0:09:16.920 maybe there's nothing in the middle. 0:09:17.320 --> 0:09:18.440 So it's not an investor. 0:09:20.280 --> 0:09:24.599 Maybe some document of some sort maybe signed, but it 0:09:24.679 --> 0:09:25.679 may be more of an l o I. 0:09:26.760 --> 0:09:29.280 There's all. It's not a it's not the deal's not 0:09:29.480 --> 0:09:32.440 fully in place and approved by the board. It appears. 0:09:33.320 --> 0:09:36.960 I mean, we have all this like incredible. 0:09:37.800 --> 0:09:41.319 Language of like enter we want to enter the transaction 0:09:41.679 --> 0:09:45.719 in September, you know, is it assigned turm sheet? Is 0:09:45.760 --> 0:09:49.800 it assigned l o I. We're kind of playing fast 0:09:49.840 --> 0:09:52.760 and loose with what's what's the substance of it. The 0:09:52.880 --> 0:09:57.239 Financial Times then adds to the report those two gu 0:09:57.480 --> 0:10:02.400 The Financial Times. Yes, BC Partners is the credit division. 0:10:02.720 --> 0:10:06.719 The credit division of BC Partners is the investor, as 0:10:06.920 --> 0:10:10.439 reported by Bloomberg, Yet the path to a final agreement 0:10:10.679 --> 0:10:15.880 for Live has turned into complex multi party negotiation, according 0:10:15.960 --> 0:10:19.000 to people involved with BC Partners or other possible investors, 0:10:19.040 --> 0:10:24.040 seeking assurances that Live Star players will stay with the league, 0:10:24.360 --> 0:10:27.839 So we will lend, but we must know what we're 0:10:27.920 --> 0:10:31.120 lending to. Is this lending to John Ram backed or 0:10:31.200 --> 0:10:35.880 John Ram involved Live Bryce and others. The PIFF is 0:10:36.000 --> 0:10:41.000 considering paying off those contracts at a discount. I don't 0:10:41.120 --> 0:10:43.760 quite Are they paying off the contracts or it's just 0:10:43.840 --> 0:10:46.480 a buyout. It's a buyout of not the full price, 0:10:46.600 --> 0:10:50.439 paying off those contracts at a discount to settle any 0:10:50.520 --> 0:10:54.200 potential liability as well to avoid bad publicity. I think 0:10:55.400 --> 0:10:58.920 the PIF is now interested in publics bad publicity uh 0:11:00.360 --> 0:11:03.360 from the players to potential any liability, or is to 0:11:03.440 --> 0:11:06.920 avoid bad publicity, leaving the player's position to sign fresh 0:11:07.040 --> 0:11:11.760 deals with the BC Partners backed circuit that would include 0:11:11.840 --> 0:11:14.360 cash as well as equity in the new league. According 0:11:14.400 --> 0:11:19.920 to those close to the negotiations. O'Neill's public remarks confirmed 0:11:19.920 --> 0:11:22.079 that equity stakes would be a key selling point to 0:11:22.120 --> 0:11:24.599 players to convince them to stick with Live with the 0:11:24.679 --> 0:11:27.840 golfers envision as collectively owning a majority of the tour. 0:11:28.720 --> 0:11:31.199 A settlement then might come in the form of a 0:11:31.280 --> 0:11:35.880 prepackaged bankruptcy, where a court process could quickly class league 0:11:36.040 --> 0:11:38.520 legacy liabilities and allow new investment to come in free 0:11:38.559 --> 0:11:43.360 of any entanglements from the previous era. Person involved the 0:11:43.400 --> 0:11:46.480 discussion said, the new investors will need assurances that these 0:11:46.520 --> 0:11:48.880 players are not going to pursue any more money from the. 0:11:48.920 --> 0:11:51.760 PIFF and say we got stiffed. 0:11:52.600 --> 0:11:58.000 So just to clarify, like, the players need to settle 0:11:58.080 --> 0:12:02.560 up with the PIFF, maybe not at full but then 0:12:02.679 --> 0:12:05.560 the new BC partners could lend some money, but only 0:12:05.679 --> 0:12:09.040 if they may if they know those players will stay 0:12:09.200 --> 0:12:14.719 and be involved and they'll also become equity holders in 0:12:14.880 --> 0:12:19.040 this new lived point to two point zero. It's sort 0:12:19.080 --> 0:12:22.360 of a lot of like you know Spider Man meme, 0:12:22.960 --> 0:12:25.720 three guys staring at each other, like who's gonna bite. 0:12:25.559 --> 0:12:29.679 First and trigger There is a pathway here. 0:12:30.040 --> 0:12:34.520 I found like the word complex to sort of be 0:12:34.640 --> 0:12:39.079 a cloak for this is a This is trying to 0:12:39.200 --> 0:12:43.640 make something that's really shitty into something that's survivable for 0:12:43.800 --> 0:12:46.800 like a year or two. You know, complex can be 0:12:46.880 --> 0:12:49.000 a funny word. It can cover a lot of ground, right. 0:12:49.280 --> 0:12:53.760 Complex can mean good. Complex could mean we're trying to 0:12:53.920 --> 0:12:55.720 like repair a boat as it's sinking. 0:12:55.840 --> 0:12:59.959 I had a complex morning getting my daughter to eat breakfast. 0:13:04.720 --> 0:13:08.960 So there's this go ahead. I just read a message 0:13:09.000 --> 0:13:12.839 I got from, uh, you know, an astute listener of 0:13:12.920 --> 0:13:16.160 the show who knows knows a lot about this type 0:13:16.200 --> 0:13:18.040 of these types of transactions. 0:13:18.280 --> 0:13:20.400 Yeah, a lot a lot of those guys coming all 0:13:20.400 --> 0:13:21.280 over work this week. 0:13:21.360 --> 0:13:26.920 I found said, everyone is taking this live announcement too seriously. Yeah, 0:13:28.160 --> 0:13:32.440 citing a term sheet is non binding. By the way, 0:13:32.760 --> 0:13:37.520 if they reject Rahm's contract in bankruptcy, then he leaves, 0:13:38.200 --> 0:13:43.040 he will be a big creditor and own equity and live. Anyways, 0:13:44.920 --> 0:13:47.679 they will do everything to dilute him down. But it's 0:13:47.760 --> 0:13:53.680 pretty funny. Well that's the other issue. Equity. 0:13:55.400 --> 0:13:59.000 Not all equity is created equal, which sounds like almost redundant, 0:14:00.240 --> 0:14:04.599 Like the lender will have preferred equity the BC, Like, 0:14:05.640 --> 0:14:08.400 you know, if this thing goes belly up, or it's 0:14:08.520 --> 0:14:10.720 like not working in a year two years, and they 0:14:10.800 --> 0:14:13.360 have to liquidate it and all the ascids, whatever's left 0:14:13.679 --> 0:14:16.439 can be returned to the creditors, it will go to 0:14:18.320 --> 0:14:20.640 the lender, and then what's left the scraps will end 0:14:20.720 --> 0:14:24.120 up with these quote unquote player equity most likely player 0:14:24.160 --> 0:14:27.960 equity holders, right, which wouldn't be probably a lot at 0:14:27.960 --> 0:14:31.560 the end once they get through whatever they're if in 0:14:31.720 --> 0:14:41.440 when it goes billy up. So you're also removing essentially 0:14:41.560 --> 0:14:45.120 like the the one of the large impetuses for for 0:14:45.280 --> 0:14:47.600 Jon Rahm or someone like with the big contract to 0:14:47.720 --> 0:14:50.400 remain involved. All right, I've settled up with the piff 0:14:53.040 --> 0:14:55.880 and that was sort of what was keeping me handcuffed 0:14:56.080 --> 0:15:00.560 in a very lucrative way to this endeavor. If that's gone, 0:15:00.960 --> 0:15:02.120 is Genram gonna be. 0:15:03.760 --> 0:15:06.920 Enticed? Do now? All right? 0:15:07.320 --> 0:15:11.680 My contracts settled, let's go back to let's let's go again. Well, 0:15:11.720 --> 0:15:12.840 let's set sail. 0:15:12.680 --> 0:15:13.480 On this new boat. 0:15:16.120 --> 0:15:19.960 I'm into boat analogies for some reason this morning, that's right. 0:15:20.720 --> 0:15:25.360 So why Lake Erie number one right at Lake in America? 0:15:25.360 --> 0:15:26.560 A corne to stay today? 0:15:27.400 --> 0:15:28.400 Not a real public caation. 0:15:28.520 --> 0:15:31.600 So it's like this, these golden handcuffs with the piff 0:15:31.880 --> 0:15:34.800 right are gone? Is John Ron would be like, well, 0:15:35.200 --> 0:15:39.040 this sort of complex new arrangement I want to get 0:15:39.080 --> 0:15:40.800 in on as well. Let's get back on the Live 0:15:41.080 --> 0:15:43.040 A New boat and go back out to see. 0:15:43.520 --> 0:15:47.840 Can I just talk about where what I find just 0:15:47.960 --> 0:15:49.800 confounding about this whole situation? 0:15:52.480 --> 0:15:52.640 Yes? 0:15:52.760 --> 0:15:53.040 Please? 0:15:54.480 --> 0:15:57.480 So I think Bryson, it seems like Bryson is not 0:15:58.440 --> 0:16:00.680 not going to go back to the tour. He does 0:16:00.800 --> 0:16:02.680 not want to go back to the tour, which I 0:16:02.800 --> 0:16:07.160 get because he he will just be laughed at if 0:16:07.200 --> 0:16:09.760 he goes back to the tour. And at the core 0:16:09.840 --> 0:16:14.200 of Bryson, he wants everybody to love him. And I think, 0:16:14.320 --> 0:16:18.440 like if I was gonna like dig I think Bryson 0:16:18.600 --> 0:16:23.560 is like firmly behind this new idea. I think he 0:16:23.800 --> 0:16:27.400 is like a big part of this because and he's 0:16:27.520 --> 0:16:31.200 trying to extract as much equity and said idea, whether 0:16:31.280 --> 0:16:33.520 it's a good idea or a bad idea, Equity's not 0:16:33.640 --> 0:16:36.200 worth anything if it's a bad idea, and it's gonna 0:16:36.280 --> 0:16:42.240 just flounder. Here's what I don't understand. And like what 0:16:42.360 --> 0:16:47.440 I don't get about any of this Live should go 0:16:47.560 --> 0:16:52.800 to bankruptcy and they should just be done right. And 0:16:52.960 --> 0:16:55.480 why they should do that is that the brand is 0:16:56.200 --> 0:17:02.600 just like extraordinarily toxic. Like at the end of the day, 0:17:02.720 --> 0:17:05.680 you could argue about whether Live is like a good 0:17:05.800 --> 0:17:08.480 product or a bad product, but for the in the 0:17:08.600 --> 0:17:15.600 consumer market, the brand is completely toxic. Would you agree 0:17:15.640 --> 0:17:20.160 with that? Yes? But I okay. So if we say 0:17:20.680 --> 0:17:26.280 the brand is toxic, then that means that people, like, 0:17:26.440 --> 0:17:29.480 no matter what you do over the next like two 0:17:29.640 --> 0:17:33.359 to five to ten years, there are still gonna be 0:17:33.960 --> 0:17:38.680 huge swaths of consumers that just will not engage with 0:17:38.800 --> 0:17:42.560 your brand. And what I don't understand about this whole 0:17:42.720 --> 0:17:48.840 situation is why would anybody, anyone in their right mind 0:17:49.920 --> 0:17:52.840 invest And it doesn't sound like BC partners are investing, 0:17:53.000 --> 0:17:57.480 they're just loading money. But why would anyone invest in 0:17:57.600 --> 0:18:02.960 a brand that is so toxic? So they could do that? 0:18:03.560 --> 0:18:07.400 This is like, this is a free idea. You could 0:18:07.480 --> 0:18:12.920 go buy the Sunshine Tour, which nobody has a negative 0:18:13.440 --> 0:18:18.040 viewpoint of. You could rebrand it and you're away from 0:18:18.200 --> 0:18:22.560 all these contracts, all these like you know, you're away 0:18:22.600 --> 0:18:26.760 from John Rahm being a huge equity holder in your 0:18:26.880 --> 0:18:30.440 company and he doesn't want anything to do with you. 0:18:32.800 --> 0:18:35.720 You could go buy that and put two hundred and 0:18:35.800 --> 0:18:39.840 fifty million dollars into that which doesn't have a brand 0:18:40.119 --> 0:18:43.200 that people have proven not to want to engage with. 0:18:43.840 --> 0:18:48.640 It makes zero sense to try to save live whatsoever 0:18:49.080 --> 0:18:53.800 because of the way that their public image is like. 0:18:54.760 --> 0:18:59.959 So anyways, all these people, all these people Brice It included, 0:19:00.119 --> 0:19:04.200 Scott O'Neill included, Greg Norman included, they're a bunch of 0:19:04.520 --> 0:19:07.040 idiots and they think that you could just like it. 0:19:07.760 --> 0:19:12.080 At the at the end of the day, they tried 0:19:12.119 --> 0:19:16.399 to take on the tour and they lost. Like they 0:19:16.520 --> 0:19:19.879 tried to take on the tour with an insane amount 0:19:19.880 --> 0:19:24.720 of money, five six billion dollars. They tried to just 0:19:24.920 --> 0:19:29.119 throw money and overtake the tour and the thing that 0:19:29.160 --> 0:19:31.480 should be taken away from this and you could have 0:19:31.480 --> 0:19:34.800 had way better strategy than they had. If you want 0:19:34.840 --> 0:19:38.879 to take on the tour, this is a twenty plus 0:19:39.160 --> 0:19:43.359 year game. You need to make slow incremental gains, You 0:19:43.480 --> 0:19:47.600 need to build real fans, you need to like build 0:19:47.840 --> 0:19:51.400 a product, and you could take them on. All these 0:19:51.720 --> 0:19:54.399 idiots that are involved with this just think they can 0:19:54.520 --> 0:20:01.000 win quick with cash and you can't it's so if 0:20:01.040 --> 0:20:04.520 you wanted to actually try and do this, you should go, 0:20:04.960 --> 0:20:08.119 like you have to throw away the live brand. You 0:20:08.240 --> 0:20:11.520 have to start something and actually take a long term 0:20:11.680 --> 0:20:14.560 viewpoint of this is going to take time, but we 0:20:14.640 --> 0:20:18.600 will take them down in twenty years, because you can't 0:20:18.840 --> 0:20:25.280 just overtake. You cannot just topple the longstanding monster brand 0:20:25.359 --> 0:20:28.200 in a space. It just doesn't work that way. It 0:20:28.280 --> 0:20:32.720 took Salesforce decades to take down what was it Seebel 0:20:33.040 --> 0:20:38.360 that they overtook is like the primary customer relationship management software. 0:20:38.880 --> 0:20:41.760 This is not just an overnight thing. You don't just 0:20:42.960 --> 0:20:47.760 and these people are morons. They're complete morons, and they 0:20:47.800 --> 0:20:51.760 don't deserve to run a business. It should go bankrupt 0:20:52.359 --> 0:20:55.200 and all of them should be whisked away. But like, 0:20:55.359 --> 0:20:58.400 if you wanted to actually think about doing this, take 0:20:58.480 --> 0:21:02.200 the two point fifty and buy a brand that people 0:21:02.400 --> 0:21:07.040 don't viscerally hate. Yeah, I mean there's. 0:21:08.400 --> 0:21:14.240 There's it's a bad public image, horror, toxic brand, but 0:21:14.480 --> 0:21:19.960 also it's they've it's a horrible business like that seems 0:21:20.000 --> 0:21:23.360 to cover up the fact that they've they've burned through 0:21:23.640 --> 0:21:29.639 seven six five seven six billion dollars without really making 0:21:29.680 --> 0:21:35.239 anything profitable or or anything of substance lasting even at 0:21:35.240 --> 0:21:39.680 a loss, and and or that's popular or that's useful. 0:21:40.600 --> 0:21:44.760 It's it's not an attractive business proposition. It's not attractive 0:21:44.840 --> 0:21:48.040 branding proposition. Does that mean it's dead? I don't think. 0:21:48.160 --> 0:21:51.720 I don't think so necessary. There might be something that comes, 0:21:51.840 --> 0:21:55.160 but what is the law term? There is no law term. 0:21:55.440 --> 0:21:57.480 So what we've lost the piff and it's gonna be 0:21:57.640 --> 0:22:01.119 better next year. It's gonna have a better chance at survival. 0:22:01.240 --> 0:22:03.840 We've lost John ram Say he leaves and we've gone 0:22:03.840 --> 0:22:06.719 from fourteen to ten events. It's like a Bryson Events 0:22:06.840 --> 0:22:10.360 YouTube tour. Whatever it is, it's gonna be better long 0:22:10.480 --> 0:22:17.040 term chance. Uh maybe at some sort of shelled scaled 0:22:17.160 --> 0:22:21.440 down different product, but not at whatever they these players 0:22:21.560 --> 0:22:24.560 think it is at this current moment or what's being portrayed. 0:22:27.560 --> 0:22:32.600 It's do you think Wednesday this week was good for 0:22:32.680 --> 0:22:35.080 the image, good for the bland. That is a serious 0:22:35.160 --> 0:22:37.080 business and a serious yeah, that's. 0:22:37.000 --> 0:22:41.000 Well, this is the thing, like you do this whole thing, 0:22:41.280 --> 0:22:43.640 and you make this announcement and then it comes out 0:22:43.720 --> 0:22:46.840 that it's like none of this is true. Who wants 0:22:46.920 --> 0:22:51.840 to do business with you who after two days ago 0:22:52.760 --> 0:22:58.479 is like dying to give you real money. The thing 0:22:58.640 --> 0:23:02.600 needs to just it is run its course, and the 0:23:02.720 --> 0:23:07.680 smartest thing they can do is go bankrupt and get 0:23:07.800 --> 0:23:10.240 rid of all these contracts and move on to the 0:23:10.400 --> 0:23:15.640 next thing. Move on this. This is over. 0:23:16.320 --> 0:23:16.800 It's over. 0:23:17.840 --> 0:23:20.879 It's it's not. Yeah, you could keep it going with 0:23:20.960 --> 0:23:24.119 two hundred and fifty million dollars of a two hundred 0:23:24.119 --> 0:23:27.000 and fifty million dollar loan, but all you're doing is 0:23:27.080 --> 0:23:30.480 taking somebody's money with no hope of returning it. 0:23:32.760 --> 0:23:37.320 I enjoyed just to read this lead paragraph from Joe Pompiliano, 0:23:37.480 --> 0:23:41.000 who writes about business. I think now has its own 0:23:41.080 --> 0:23:45.320 stubstack quote. It's not hyperbole to say that live golf 0:23:45.440 --> 0:23:48.480 is one of the least attractive investment opportunities in sports. 0:23:49.280 --> 0:23:52.000 Just think about what you're buying. The organization has hundreds 0:23:52.000 --> 0:23:55.200 of millions and liabilities, no guarantee that its biggest stars 0:23:55.880 --> 0:23:58.040 will be playing there after this year, and its expenses 0:23:58.080 --> 0:23:59.960 are so high that has lost eight dollars and fifty 0:24:00.080 --> 0:24:02.200 the sounds for every one dollar and has invested in 0:24:02.280 --> 0:24:04.720 its product. Even if you wanted to make it work, 0:24:05.160 --> 0:24:08.680 the world's largest Sovereign Wealth Fund has already pumped six 0:24:08.800 --> 0:24:11.240 billion into the project and signed some of the sport's 0:24:11.280 --> 0:24:14.040 biggest names. If that couldn't help Live attract the TV audience, 0:24:14.119 --> 0:24:16.679 what makes you think a smaller investor with a reduced 0:24:16.680 --> 0:24:22.000 schedule in smaller tournament persus will and answer that question 0:24:22.080 --> 0:24:24.000 is maybe they're just looking for a different just a 0:24:24.080 --> 0:24:26.600 different product, and it's not about a TV Maybe it's 0:24:26.600 --> 0:24:29.200 a YouTube body and maybe it's just something smaller. But 0:24:29.440 --> 0:24:33.399 that's not what they're selling right now. It is not 0:24:33.520 --> 0:24:37.320 an attractive investment opportunity in my opinion, which doesn't need 0:24:37.400 --> 0:24:43.800 to carry any weight. But if this, do you think 0:24:43.800 --> 0:24:46.720 they can pull off this miracle? Like say they set 0:24:46.920 --> 0:24:49.639 piff settles, which I think sounds most realistic, piff just 0:24:49.760 --> 0:24:54.040 like settles, the contracts the players, several of them aren't 0:24:54.040 --> 0:24:55.800 going to resign on whatever they do. 0:24:55.960 --> 0:25:01.320 Of Rom's gone, Hatton's gone, Nieman's gone, and at that point, 0:25:01.480 --> 0:25:03.600 like what do you have you have Bryson? Are you 0:25:04.359 --> 0:25:08.359 Are you excited about Bryson backing down Scott Vincent. 0:25:08.440 --> 0:25:11.400 To win like world ranking points? Probably gone, it's gone. 0:25:11.480 --> 0:25:15.240 We're talking about like a some sort of just traveling 0:25:15.320 --> 0:25:16.479 circus type thing. 0:25:17.800 --> 0:25:24.360 I think like they could make a meaningful YouTube presence possibly, 0:25:25.040 --> 0:25:28.359 but at the same time, like do you need two 0:25:28.480 --> 0:25:30.200 hundred and fifty million dollars to do that? 0:25:34.520 --> 0:25:39.880 I don't know, Soopers might say, I'm not an expert. Peach, Peach, 0:25:40.000 --> 0:25:41.840 come in here. I got a question for you. We 0:25:41.920 --> 0:25:44.960 can't withdraw our money from these, Brendan. 0:25:44.720 --> 0:25:49.760 Peach, what do you think is has been Live's greatest 0:25:49.880 --> 0:25:54.280 three moments, and it's where are we at your four 0:25:54.400 --> 0:25:54.760 or five? 0:25:55.440 --> 0:25:58.600 I put Anthony Kim, is it? 0:25:58.680 --> 0:26:00.560