Australian investors flag interest in saving LIV Golf
Steve Larkin |
Australians are among potential investors in LIV Golf, with Cameron Smith playing a key role in sourcing financial saviours for the breakaway league.
LIV Golf’s chief executive Scott O’Neil says unnamed “prominent” Australians are flagging interest in investing when Saudi Arabia ends its funding.
O’Neil and LIV hierarchy are seeking about $US300 million ($A425 million) investment for the league to continue beyond this season.
“We are very tapped in and wired in to the Australian business community and those who might be interested,” O’Neil told AAP on Friday.
“Yes, we’re having some ongoing dialogue with some prominent Australians.”
Saudi Arabia’s Public Investment Fund will stop funding LIV Golf at the end of the season.
Some reports suggest the funding could soon stop, casting doubt on whether LIV’s four remaining tournaments this year will proceed.
Asked if he was confident the season would be completed, O’Neil replied: “I don’t have a crystal ball unfortunately.
“But I can tell you this, the PIF has been a really strong supporter, they have always been good on their word, and they have pledged publicly that they will support us through the season.
“So that is our plan … they (PIF) have been pretty clear that we are funded through the season.”
Smith, captain of the all-Australian Ripper GC team, was at the forefront of players involved in finding potential investors.
“He has been quite public and quite up-front about his support and the support of his teammates for this next version of LIV, this LIV 2.0 version,” O’Neil said.
“He is a force to be reckoned with on the tour, on the road he’s so respected by the players at LIV.
“He commands impact and influence on those around him and he has been a true champion for … securing the investment.”
O’Neil said in addition to potential Australian investors, discussions were continuing with a range of backers in other countries.
“Some of the private equity firms we’re meeting with are interested in taking the whole $US300 million,” he said.
“We have spoken to some professional sports team owners, they seem to be talking in the $US25 million to $US50 million range.
‘And some combination of those two might happen as well.
“This is a business and a business plan that will reset with quite a bit of discipline, that will be sustainable and profitable business in three short years, so we’re very excited about what we’re building.”
Adelaide, the host of four LIV events, has become the flagship tournament for the league, with O’Neil using its success as a selling point for investors.
“I often show videos of Australia because until you see it, it’s hard to believe and imagine that golf could be this much fun,” he said.
“I talk about the economic impact (for South Australia).
“There is nothing I have seen like the fans in Australia at a LIV event, so it’s a very, very special place and it plays a very prominent role in talking to investors.
“In fact, because we play on five continents, our dream scenario is to have investment from each of the five continents.
“So nothing would make me more happy, more proud of what we do and how we do it, than to have one of our investors come from Australia.”
AAP