‘Feels like game, set and match’: Premier on LIV Golf on verge of collapse
LIV Golf is on the brink of collapse with hopes of new investors reportedly dashed, Premier Peter Malinauskas saying “if the players aren’t up for it, then it doesn’t go ahead”.
LIV Golf is on even shakier ground as the planned revamp for the breakaway golf league is reportedly on the brink of financial collapse following the withdrawal of investors BC Partners.
Premier Peter Malinauskas reacted today saying “feels like it’s game set match as far as far as I can tell”.
The Financial Times has reported that BC Partners was unlikely to make the planned investment of $US300m ($A428m) to save the rebel tournament with a lack of player interest in LIV Golf 2.0.
LIV golf filed for bankruptcy in September as part of its proposed restructuring – but numerous players abandoned the tour.
This morning, Malinauskas told ABC Radio that “we’ve made it clear to Liv that you know we’re not going to be paying for an event that doesn’t represent the calibre of what we’ve had in the past. And if the players aren’t up for it, then it doesn’t go ahead.”
The state government is currently investing $45 million into redeveloping the North Adelaide Golf Course, initially saying this would be to support LIV Golf, but now with the Australian Open locked in for 2028.
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“While the state government pays a fee for the event, we don’t host the event; it’s always been them themselves. So, the contractual arrangements between the state and LIV, you know, don’t come into effect because we only pay them when they put on an event,” Malinauskas said.
“So we don’t pay for anything we don’t get. But in terms of other arrangements, you know, we will have to take advice on that in regards to others, I guess we just, as a government, we just shift our our attention in this regard to the Australian Open deal, which we were able to secure with Golf Australia for the next six years.”
Malinauskas said the government was “deliberately holding back payments because we were seeing all the speculation that was happening with Liv, and you know we’re not going to put taxpayers at risk”.
“I’ve had a double check this morning that no payments have been made to LIV for the 2027 event.”
Six-time major winner Rory McIlroy backed in his criticism of LIV Golf, saying the Saudi-backed breakaway league had taken players and sponsors from rival tours and turned professional golf into an “arms race”.
SA Greens Leader Robert Simms said it was time for the government to “pull the plug” on the $45 million golf course redevelopment project.
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“The Premier can talk about the Australian Open until he’s blue in the face but it doesn’t change the fact that this redevelopment was designed for LIV Golf, and now that justification has fallen apart,” Simms said.
“Stop shifting the goalposts. It’s time to scrap this redevelopment, return the Park Lands to the Adelaide City Council and redirect any remaining money to things South Australians actually need.”
McIlroy said he agreed with DP World tour boss Guy Kinnings’ earlier assertion that LIV had sought to undermine the European circuit, pointing to comments made by people involved with the league at this year’s Masters about wanting to destroy the tour.
“They took players; they took sponsors; they turned professional golf into an arms race,” the Northern Irishman told reporters ahead of the Abu Dhabi Championship.
“They were going around Augusta saying they wanted to destroy the European Tour. Yeah, I agree with everything.”
McIlroy acknowledged that LIV’s investment had brought benefits, including the creation of the International Series on the Asian Tour, but said the latter had ultimately been left without the support it needed.
“Where did that leave the Asian Tour? They left them high and dry,” McIlroy said, adding the tour had since returned to the fold through partnerships with the PGA Tour and DP World Tour.
The six-time major champion said LIV’s financial model was always likely to face difficulties if investors failed to see a return or decided to redirect their money elsewhere.
LIV filed for Chapter 11 bankruptcy protection in September and has secured a proposed financing commitment of up to $US300 million ($A428 million) from BC Partners Credit as it seeks to restructure ahead of 2027.
McIlroy, 37, added the disruption caused by the breakaway league could ultimately leave men’s golf on a more sustainable footing.
“For long-term sustainability for men’s professional golf, I think we are in a much better spot,” he said.
– With AAP
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