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The Saudi Arabian Public Investment Fund has poured a large sum of money into LIV Golf. Now, with its second season only weeks away, it's evident how that investment has paid off thus far.
According to ESPN's Mark Schlabach, LIV Golf conceded in a court petition Monday that company made "essentially no income" in its first season. The petition was part of the company's ongoing legal battle with the PGA Tour. LIV Golf admitted in a court motion Monday that it had generated “virtually no revenue” in its inaugural season, according to ESPN’s Mark Schlabach. The filing was part of its ongoing lawsuit against the PGA Tour.
While that’s not too surprising considering LIV Golf is extremely new, it’s not great considering how much Saudi Arabia has already invested. The country’s Public Investment Fund spent about $784 million on the league in 2022, former president and CEO Atul Khosla told ESPN last year. That didn’t include the reported $100 million-plus signing bonuses to land top players like Dustin Johnson, Phil Mickelson and Bryson DeChambeau, among others.
LIV Golf is expanding its schedule in 2023, starting with its season opener in Mexico later this month. It also finally landed a television deal in the United States, with the CW Network, too. Yet spending around $1 billion and not getting anything back — even knowing how deep-pocketed the PIF is — can’t feel good.
The PGA Tour has filed a motion to add both the PIF and its governor as plaintiffs to its counterlawsuit against LIV Golf. The Tour will also meet with Judge Beth Labson Freeman later this month to discuss pushing back the Jan. 2024 trial date.
LIV Golf announces team captains, new names for 2023 season
Financial losses aside, LIV Golf announced its 12 team captains for the 2023 season Tuesday. The season will begin Feb. 24 at El Camaleon Golf Course in Riviera Maya, Mexico. That event will be the first of 14, concluding with the championship in Saudi Arabia in November.
The teams for 2023 are:
Daniel Weinman was crowned winner of the 2023 World Series of Poker (WSOP) Main Event on Monday, taking home a record breaking $12.1 million in winnings. Weinman had to outlast the other 10,043 entrants to take home the prize and get his hands on his share of live poker’s largest ever prize pool – a staggering $93,399,900. As well as taking home the prize money, 35-year-old Weinman also got his hands on the WSOP Main Event bracelet. The huge bracelet contains 500 grams of 10-karat yellow gold, as well as 2,352 various precious gemstones.
Daniel Weinman won the World Series of Poker's main event world championship on Monday in Las Vegas, earning $12.1 million along the way. Playing in the tournament for a 16th year, Weinman was tops in a deep pool of 10,043 players vying for $93.39 million. His victory came after just 164 hands at the final table. "I was honestly on the fence about even coming back and playing this tournament," the 35-year-old Atlanta native told reporters afterward. Weinman's final table featured Jan-Peter Jachtmann, who landed in fourth place and took home $3 million, as well as Toby Lewis, who finished seventh and secured $1.42 million. According to the Las Vegas Review-Journal, the main event's entry pool far outpaced the previous record of 8,773 set in 2006. "I've always kind of felt that poker was kind of going in a dying direction, but to see the numbers at the World Series this year has been incredible," Weinman said. "And to win this main event, it doesn't feel real. I mean, [there's] so much luck in a poker tournament. I thought I played very well." Steven Jones finished second, securing $6.5 million. And Adam Walton settled for third and a $4 million prize.
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