LIV Golf have reportedly splashed out an eye-watering $784m in the first year of their plan to shatter the world of professional golf – and could spend as much as $1billion more next year too.
Greg Norman was determined to break what he thinks is the PGA Tour monopoly on golf and, given his own personal beef with them, has been delighted with how LIV Golf has upset the status quo so far.
Money is key, of course, and in the Saudi Arabian government’s Public Investment Fund (PIF) Norman found the perfect backers – with the deepest pockets who are not scared to spend it to make a splash for their own reasons.
And now, Sports Illustrated’s (opens in new tab) esteemed golf journalist Bob Harig has published a report on just how much the PIF has backed Norman, with the massive $784m outlay to fund huge prize purses, signing on bonuses and also funding travel, accommodation and lavish parties for their players.
The season-ending LIV Golf Team Championship has a $50m prize pot, with the previous seven tournament having $25m in prize money to be won – even finishing last would win a player $120,000.
Harig notes that the bulk of the first year expenditure came on huge signing fees for LIV Golf poster boy Phil Mickelson, then the likes of Dustin Johnson, Bryson DeChambeau and Brooks Koepka, and expects the outlay to increase further as LIV Golf expands.
“Mickelson, Johnson, DeChambeau, Koepka and Smith alone count for more than half a billion dollars in guaranteed contracts,” writes Harig. “That is in addition to $225 million in purses over eight events. And all expenses paid.
“LIV’s first-year expenditure, according to a source, is pegged at $784 million all-in. Another $1 billion is committed for next year as the schedule will increase to 14 events.”
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The true payments and structures of the contracts are still unknown, but Mickelson is thought to have signed a $200m deal with LIV Golf as the huge marquee signing that really got the ball rolling.
From there, Johnson is thought to have signed a deal worth around $150m with…
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