Ernie

The SPORTICO | INVEST LONDON event on Tuesday gave us the first real look at BC Partners and their desire to invest in LIV Golf 2.0. Ted Goldthorpe, Partner and Head of BC Partners Credit, took on many topics and revealed some great information about what we can expect moving forward. After Scott O'Neil said that planning and operations have begun moving forward, Goldthorpe added, "We're super committed. As Scott said, we're going to start hiring back employees and planning for next year's events. All systems go. The next 22 days will be about signing up the players, and I feel very good about that. We've had a lot of constructive dialogue with them. We obviously have a deadline now, but that's the next big step for us.” Much has been made of BC Partners being THE investor, but Goldthorpe reiterated that BC Partners isn't alone. "You wouldn't believe the number of people who've reached out to us to invest. You'll see us announce a series of co-investors, because we're not doing this by ourselves. We want partners. It's led to some very interesting dialogue and very value-added partners. They're not just financial partners. They can help with entertainment and connect us with media. As it starts coming out who some of these people are, it's pretty incredible who's reached out.” The part of this whole thing that gets the most attention is the players, and rightly so. They are the face of any sports league. But how do Goldthorpe and BC Partners sell the players on staying? Goldthorpe says, “The pitch to the players is straightforward. Our prize money is comparable to other leagues they can play in, and they have ownership. Look at the athletes who've created the most wealth for themselves: a lot of it is through ownership…. They (the players) can create real wealth at the team level and the holding company level, and they still play for prize money and make good money. To the extent we can make the league sustainable, they'll create real wealth on these teams.” LIV Golf CEO Scott O'Neil was extremely complimentary of Ted Goldthorpe and his involvement in the entire process, saying “He's an investor with a history in and around sports, which makes him very comfortable in that environment. Seeing his influence with the players has been really special. He is tireless. I love to work, but he has an extra gear. There hasn't been a phone call he hasn't been willing to make, a plane he hasn't been willing to get on or a meeting he hasn't been willing to take, whether with players, partners or governments. He's been an absolute star, and it's amazing to see how the players are relating to him.” Obviously a lot of talk, but I trust the action is also happening. Updates from sources with knowledge of LIV's operations continue to detail the work being done by the executive team as positive, meaningful, and timely. I believe people hoping for LIV 2.0 should be in good spirits and optimistic, and those cheering for its demise are going to be quite disappointed. Stay tuned!