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LIV Golf is in the midst of trying to raise as much as $300 million in funding to continue operations once Saudi Arabia’s public wealth fund removes the league’s financing after this season concludes.
That was already proving to be an uphill battle, as investors question the viability of a golf league predicated on massive purses, gargantuan guaranteed contracts to retain top golfers, and paltry television viewership. But it appears that hill might be getting a little steeper.
According to a report by ESPN’s Mark Schlabach, LIV Golf is facing a lawsuit filed on behalf of two English companies, World Golf Group (WGG) and Premier Golf League (PGL), seeking between $210 million and $630 million in damages on account of “breach of confidence and unlawful means conspiracy.”
The gist of the lawsuit claims that two former WGG founders breached their fiduciary duty by helping the Saudis launch LIV Golf, which lifted a similar global format to what the WGG and PGL conceived of years prior.
“The Defendants conspired together to use the Claimants’ confidential information without the permission of the Claimants to launch the LIV Golf League,” the lawsuit asserts.
Further, the lawsuit claims that LIV Golf is a “bald facsimile of the PGL,” including its shotgun start format, 54-hole events, and a team aspect to the competition.
Schlabach’s report goes into great detail about the timeline of events, financing arrangements the WGG and PGL had with various entities, and early-stage collaboration between the entities and the Saudi PIF, which committed investment into the never-launched league.
The lawsuit comes at a most precarious time for LIV. The league can ill afford a protracted lawsuit or expensive settlement as it looks to secure hundreds of millions in funding just to stay afloat. If this case has legs, it has the potential to be a death knell for the rogue golf league.
The post LIV Golf sued by English companies claiming concept of world golf league appeared first on Awful Announcing.
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