LIV Golf CEO on his tour's successes, obstacles and ‘purity of mission'
Scott O'Neil started as LIV Golf's new CEO in January, taking over from Greg Norman, who helped launch the breakaway tour and guided it through its first three seasons. The Saudi-funded circuit has made headway in some areas but has faced headwinds in plenty of others. O'Neil spoke with The Washington Post Friday, as LIV's Virginia event prepared to tee off at Robert Trent Jones Golf Club, to discuss the state of the league, its successes and its challenges.
Some answers have been edited for brevity.
Question: When you started this job six months ago, you talked about the headwinds turning into tailwinds. Now that you're halfway through the season, what's surprised you the most? Are the obstacles bigger than you expected?
O'Neil: The biggest surprises are, No. 1, we're the good guys. I think I've been really impressed with our players, with our executive team, with the way we approach the world. You know, it's such purity of mission.
Second surprise is how cross-cultural golf is. Music, actors and athletes — you cannot turn around without finding somebody else was falling in love with the game of golf. And the numbers would play that stuff out.
In terms of the headwinds and the tailwinds, I mean, you know, sports leagues are pretty simple, right? It's competition. Television, marketing, branding, communications, sponsorship, how do you pay for it?
Competition side, good strength of field. You know, good young, emerging talent, which has been a wonderful surprise. It looks like young talent emerging will be a good storyline for us going forward. Everybody talks about the guys on top — the [Bryson DeChambeaus] and Jon Rahms — and we should celebrate them and talk about them. But that next tier is pretty wonderful.
Question: And the business side?
O'Neil: Better than what I thought. Sponsorship's off the charts. We have a good base there with Aramco and Riyadh Air. Our first wave of deals we did with Bahri and Ma'aden, and then we had the [golf-related companies] come quicker than what I've expected — Callaway and Ping, of course. We've announced two more that are coming, Salesforce and MGM. You see the boards out there.
Just an unbelievable impact in a year — year-over-year growth is going to be like 10 times. It's a pretty dramatic increase.
But yeah, things are in a good place. I feel more bullish today than I did when I walked in the door in January.
Question: How urgent is all of this? Any concerns about funding slowing down?
O'Neil: I came in really eyes wide open as to what a three-year-old business should look like. And it is — it's a three-year-old business, and that can be a really tough space. So from a pressure standpoint, I've never in my career felt any more pressure externally than I put on myself and the team. And so are expectations high? Yes.
I've worked in and around private equity for 12 years now. It's my third project in, and there's a certain expectation when you come in, and it's very consistent [with] my last two opportunities. So this isn't any different than that. But if you're asking me, do I have a sense of urgency? I have a very high motor, and I have a lot of urgency.
Question: Do you receive updates on the negotiations with the Saudi Public Investment Fund, the LIV financier, and the PGA Tour? Does that impact your short- or long-term planning?
O'Neil: No updates. I would say, there's no impact or influence. I mean, the PGA Tour seems to be going through a transition of their own, up top, and that will once again provide a new face and less scar tissue and more opportunity at the table. I think that's wonderful. We're wholly focused on our business. It's so different.
Question: LIV golfers are still not being recognized by the Official World Golf Rankings, but talks have at least resumed. What's the latest with those discussions?
O'Neil: So I've been spending regular time with Trevor Immelman, who's the new chairman [of the OWGR]. I found him very engaging, very smart, very hardworking, very balanced, fair, reasonable. And we've had several discussions, some spirited, some more plain Jane.
But I will tell you, when I talk about the ecosystem and all of us wanting what's best for the game of golf, I think I would put Trevor and the board members in that category, and some of them are direct competitors to us, which does add a bit of a complexity. But I think that we're all optimistic that we'll find a way to work within the system to make sure that we have the best, most accurate ranking system we could have.
Question: The OWGR has taken issues with some of the things that make LIV unique: smaller fields, 54-hole tournaments, no cutline. Are you considering any changes to the format?
O'Neil: We've had so many discussions. I'd rather keep those between me and Trevor. But generally, we love the format. We think, in particular, the shotgun start, I just — I've been reading about pace of play for 15 years in the media; we could do a round in four hours and 35 minutes. So I like the shotgun start quite a bit.
But are we stuck in cement on any of our changes? We're a three-year-old league. We're evolving and changing every day. I think we love the format. The players love the format. We're pretty comfortable there.
Question: And the team component? That is still core to what LIV wants to be?
O'Neil: Yeah, yeah, yeah.
Question: LIV has never shared specifics but there's a wide belief that the first wave of contracts might be expiring soon. Player recruitment has certainly slowed, but I wonder if you have any concerns about either retaining players or enticing new ones to join?
O'Neil: We don't have any concerns about our players. You know, I would say that we're in a wonderful spot with players, and we don't have any fear that this will continue to be a place that players want to come.
Question: What do we make of the Fox deal midway through the season? You'll be head-to-head against the PGA Tour this week, but most of your events have been played abroad and the time difference didn't put you in prime TV spots. Five of your last seven events will be in the U.S. — will that give us a better picture of what the audience appetite is?
O'Neil: As you know, Fox is an extraordinary partner. As is ITV in the UK, as is KC Global out in Southeast Asia. So we spent a lot of time with them figuring out how we can invest [to] get the best ratings. With Fox in particular, we're in the U.S. and it's a much better measuring stick as to how we're doing. It's just, there's a complete picture, and that's one important slice of the pie that we're addressing and working on. But yeah, hopefully in the U.S., you'll see it.
We're happy to be measured and judged, like everybody else, you know? But … we look at the global view, like the global audience, how many people are watching us around the world? I mean, we're in 872 million homes. If you'd have told me that on my first day here, I would've thought you'd lost your mind — more than double from last year. We're in 120 countries.
We're actually testing some technology that takes our broadcasters in their own voice and puts it in other languages. So we're testing that the next two weeks. It'll be really fun. Arlo White in Spanish, you know? Or Korean. Or Chinese.
I guess the way we look at television is, we get somewhere between 2½ [million] to 3½ million people watching our events around the world. It's pretty good.
Question: You'd mentioned the strength of field being a positive. Obviously some guys are finishing consistently up high, but in the standings, we see some big drops, particularly after the top three and again after the top 10. That doesn't concern you?
O'Neil: The numbers would say — we spend quite a bit of time using AI and other tools at our disposal to take a look at our strength and feel good. As you can imagine, strokes-gained analysis and other tools we have at our disposal. We're pretty comfortable with where the strength of field is.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Could Musk-Trump feud stoke GOP divisions ahead of midterms? ANALYSIS
Even by the standards of President Donald Trump and billionaire Elon Musk's relationship -- an unprecedented alliance punctuated by a meme-inspired reshaping of the government, numerous rocket launches, assassination attempts, a quarter-billion-dollar political gamble and electric car photo-ops -- it's been an unusual week. For months, Musk had been the closest of Trump's advisers -- even living at his Mar-a-Lago estate in Florida and spending time with the president's family. More recently, Trump gave Musk a congratulatory Oval Office sendoff from his work leading cost-cutting efforts in his administration, giving him a golden key with a White House insignia. But the billionaire's muted criticisms of Trump's "big, beautiful bill" grew louder and more pointed, culminating in posts Thursday on his social media platform taking credit for Trump's November win and Republicans' takeover of the Senate. "Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate," Musk posted. "Such ingratitude." Some lawmakers and Republicans worry Musk's apparent acrimonious departure from Trump's orbit could create new uncertainties for the party -- and stoke GOP divisions that would not serve Republicans well heading into a critical legislative stretch before the midterm elections. The back-and-forth attacks, which continued into the weekend and took a sharply personal turn, reverberated across a capital they have both reshaped. Trump on Friday told several reporters over the phone that he was not thinking about Musk and told ABC News Chief Washington Correspondent Jonathan Karl that Musk had "lost his mind." In the near term, Trump and the GOP are trying to muscle their signature tax and domestic policy megabill through the House and Senate, with the slimmest of margins and no shortage of disagreements. MORE: Speaker Johnson tries to protect fate of megabill from Trump-Musk crossfire Any shift on the key issues could topple the high-wire act needed to please House and Senate Republicans. A nonstop torrent of criticism from Musk's social media megaphone could collapse negotiations, harden the position of the bill's critics and even undermine other pieces of Trump's first-term agenda. "You hate seeing division and chaos," Rep. Don Bacon, R-Neb., who represents a swing district, told ABC News about the Trump-Musk fracas. "It's not helpful." Rep. Jodey Arrington, R-Texas, the chairman of the House Budget Committee, called Musk a "credible voice" on "debt and spending" issues. "It's never helpful when he says those things. He's a believable person and he has a broad reach, but I think he's frustrated and people understand the context," Arrington said, predicting that both men will eventually resolve their dispute. Republican operatives watching the spat unfold this week told ABC News it is too early to say how the feud between Trump and Musk could affect the next election. The billionaire spent more than anyone else on the last election, pouring $270 million into groups boosting Trump and other Republicans up and down the ballot, according to Federal Election Commission filings. MORE: Trump-Musk feud leaves some DOGE staffers worried about their futures: Sources He already suggested he would cut back on his political donations next cycle, more than a year out from the midterm elections. In the final stretch of the 2024 race, he relocated to Pennsylvania, hosting town halls and bankrolling his own get-out-the-vote effort in the critical swing state. Since his foray into Washington, Musk has become a deeply polarizing and unpopular figure, while the president's approval rating has ticked up in some recent surveys. Groups affiliated with Musk spent $20 million this spring on the Wisconsin Supreme Court race, only for the liberal candidate to win -- signaling to some Republicans the limits of Musk's political pull. While his support may be missed by Republicans next cycle, Trump has continued to raise millions of dollars to support his future political plans, a remarkable sum for a term-limited president that underscores his central role in the party and undisputed kingmaker status. MORE: Trump tells ABC Musk 'lost his mind,' as CEO's dad says 'make sure this fizzles out' Rep. Mike Lawler, R-N.Y., who is mulling a gubernatorial bid in 2026, downplayed the tensions or political implications, suggesting that reporters "spend way more time worrying about these things than most average people." "I'm sure they will make peace," Lawler told ABC News on Friday. There were some signs of a détente. While Musk continued to hurl insults at Trump ally and critic Steve Bannon, his social media activity appeared to cool off on Friday, and the billionaire said one supporter was "not wrong" for saying Trump and Musk are "much stronger together than apart." Through nearly a decade in politics and three campaigns for the White House, Trump has demonstrated a remarkable ability to move past disputes or disagreements with many intraparty rivals and onetime critics, including some who now serve in his Cabinet. Now, some Republicans left Washington this week asking themselves if Musk is willing to do the same. Could Musk-Trump feud stoke GOP divisions ahead of midterms? ANALYSIS originally appeared on
Yahoo
14 minutes ago
- Yahoo
Crypto Treasury Companies Are Bullish on Bitcoin and XRP. But Don't Invest.
Start-ups are piling Bitcoin and XRP onto their balance sheets for a few reasons. It's questionable whether their shareholders are getting any value. Owning these assets directly is probably the safer option. 10 stocks we like better than Bitcoin › Strategy (NASDAQ: MSTR) (formerly called MicroStrategy) famously pioneered the Bitcoin (CRYPTO: BTC) treasury concept, buying the crypto and holding it on the company's balance sheet. Now, a crop of start-ups promises to provide the same kind of leveraged exposure to select digital assets for anyone willing to buy their shares. But before you hand any treasury operator a dime, it's important to look at who really captures the value they're advertising, and to understand how the existence of these companies might be favorable for the coins you hold. In a nutshell, crypto treasury companies are businesses that accumulate cryptocurrency assets such as Bitcoin and XRP (CRYPTO: XRP) on their corporate balance sheets. Their aim is to provide investors with indirect exposure to these digital assets while theoretically offering some diversification or additional value compared to investors just buying and holding the main underlying asset. They are a very recent phenomenon, and most will probably not survive even if their main assets do fine during the next decade or so. Over the last quarter, at least five companies launched or pivoted to stockpiling coins as their main strategy, or as a pillar of their financing strategy for their other lines of business. Hong Kong-based logistics group Reitar Logtech Holdings just filed to buy as many as 15,000 Bitcoins, worth roughly $1.5 billion at today's prices. Another company, Twenty One Capital, wants to procure 42,000 Bitcoins, enough to rank third worldwide among corporate holders. Renewable energy player VivoPower International raised $121 million to start a $100 million XRP purchase program. Two smaller private firms announced their intent to form XRP reserves within 24 hours of that deal. More might be on the way. But why are these assets so appealing to hold, and why would investors want to buy shares of a business that only manages assets they don't have any control over? In short, chief financial officers are seeing that low yields on relatively safe assets they already hold, like U.S. Treasuries, look even punier in comparison to the meteoric run-up in prices for assets like XRP and Bitcoin during the past 10 years. They likely figure that a small coin allocation offers a hedge against inflation, without as much risk as an investment in stocks -- though it's not clear that they're correct on that latter point. Furthermore, buying and holding cryptocurrencies means that a company doesn't have to take on any risk of making capital investments in value-generating equipment, nor put hardly any of their operational expenses toward labor, like most companies do. The catch is that every one of these new crypto treasury companies is banking on the same set of assets, and the same infrastructure to support them. Therefore, none of them have any economic moat, nor do they have any competitive advantage. And that means that over the long term, they are more likely to be bad investments than the assets they hold. For example, VivoPower's deal depends on BitGo for cold storage of its coins. Reitar's prospectus lists Coinbase Prime and Anchorage Digital as backup custodians. Insurance, auditing, chain attestations, and cold-storage logistics are effectively off-the-shelf services, which makes them great for operational security, but terrible for outperforming competitors. In other words, if you invest in these crypto treasury businesses, you are paying a premium for coin exposure that's being diluted by the company's need to pay overhead. A skeptical investor might also ask whether picking up shares in these crypto warehouses is safer than holding coins directly. The answer is "not really." Balance-sheet leverage not only amplifies the upside, but also the downside if prices swoon, leaving investors with losses. On the brighter side, assuming that demand from crypto treasury adopters keeps rising, the existence of supply scarcity favors buying and holding the coins themselves. Twenty One's goal of 42,000 Bitcoins alone is equivalent to almost 93 days of global Bitcoin mining issuance. Add Reitar, VivoPower, and a dozen smaller imitators, and the circulating float of coins available for public trading will shrink. None of that accrues uniquely to the corporate holders; it accrues to the protocol. Therefore, the easiest way to surf the wave here is to buy and hold a disciplined position in the digital assets these companies chase. Lastly, remember that volatility cuts both ways. If these crypto treasuries are forced to dump their coins to meet margin calls, prices can swing more violently than what's normal for crypto. Over long time horizons, assuming scarcity and consistent adoption remain intact, equity holders will be forced to eat management fees, dilution, and execution risk that they did not bargain for, whereas those who simply hold the coins won't need to pay for any extras whatsoever. Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,395!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $858,011!* Now, it's worth noting Stock Advisor's total average return is 997% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Alex Carchidi has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and XRP. The Motley Fool has a disclosure policy. Crypto Treasury Companies Are Bullish on Bitcoin and XRP. But Don't Invest. was originally published by The Motley Fool Sign in to access your portfolio


Bloomberg
15 minutes ago
- Bloomberg
Monroe's Koenig on Navigating Risk Amid Growth: Credit Crunch
"I'm an entrepreneur, I'm a capitalist. I love growth, I love to back entrepreneurs.", is how Ted Koenig, founder, chairman and CEO of Monroe Capital, sees the firm's expansion to over $20 billion in assets under management from it's founding in 2004. Ted joins Bloomberg Intelligence's Noel Hebert and Sam Geier to discuss the firm's founding, attracting capital, identifying partners for growth, and the current market landscape. We talk diversification and CLOs, how big is too big, attracting capital and giving back to the community. That and much more on this episode of Credit Crunch. The Credit Crunch podcast is part of BI's FICC Focus series. Listen on Apple Podcasts and Spotify.