Public Investment Fund

That's the problem.

So the, I don't know if it's PIF, if they're going to try and continue to take this 2.0 version and vision and try and make it happen.

I don't know, but live is definitely on the ropes.

We'll put it that way.

So it looks like BC partners have kicked the can down the road one more week.

The Premier said November 2 this morning, I think October 30 might be the key date, which comes up this coming friday there are two groups of players with two different sets of lawyers that are all trying to negotiate collectively there's a third group led by dustin johnson that is after a significant severance payment from the original owners of lift which is the saudi arabian public investment fund um It increasingly looks to me like BC Partners doesn't have a great stake in the quality of the golf, so long as they can keep a golf league going, because it does allow them to use those net operating losses that the PIF have racked up to try and then invest in profitable businesses, which is really their marketing firm.

So whether the PIF is prepared to allow that to go ahead, whether the South Australian government...

Golf fans in general are going to tolerate what's going to be a fairly watered-down version.

The other thing I'd keep an eye out, Tom, and this is probably the unwritten part of it, is what the OWGR, the World Rankings System, does because they've shed so many big-name players, their strength of fuel has absolutely plummeted.

Or

was there a pool of money still left there by PIF?

You've got to wonder, right? Because this is

pre-bankruptcy that they paid all this out.

And then there are the reports that Scott O'Neill received a retention bonus of somewhere about $6.4 million in the few weeks before Live filed for bankruptcy.

What does that mean? And now a bunch of the bigger names that were involved with live or trying to get together about 10 of them to see if they can band together some sort of legal front to chase some of that money of those contracts that was rejected or were rejected by the Saudi public investment fund PIF.

So live as a content machine, it continues to just give us things to talk about, uh, Besides the fact that nobody was really watching their golf.

So what do we make of this bankruptcy proceeding? How do we how do we get through it? Because it's a lot of minutia, a lot of deadlines, a lot of legalese that, quite frankly, myself and a lot of people don't really understand.

$495 million of that debt is owed back to the Saudi Public Investment Fund.

That is LIV's only pre-petition secured lender.

PIF will be getting... almost every penny that can be extracted from a liquidated entity, including, and they also get priority because they're the ones who provided debtor and possession financing so LIV could temporarily keep operating.

So this priority means that nobody's going to see any money until the Saudi PIF gets paid.

And this was not a traditional acquisition by another game publisher.

The buyers were Saudi Arabia's public investment fund, Silverlake, and Affinity Partners.

Saudi Arabia's public investment fund now owns roughly 93% of EA.

Silverlake, a major American private equity firm, owns about 5.5%, and Affinity Partners holds roughly 1%.

Affinity... is Jared Kushner's investment company.

EA gets the financial obligations.

And the financing, obviously, isn't my only problem with his acquisition.

Because the largest investor by an overwhelming margin is Saudi Arabia's public investment fund.

Because of what happened to a couple there not too long ago.

Because of the PIF?

Because of the Saudi group that own it.

Yeah, it's a public investment fund, isn't

And then it's on top of that.

It's the Saudi Arabia government, the PIF, that is owning this.

A sovereign state fund.

As if this is a bad idea, if you walk full of football or soccer and you look at the English Premier League and what's happening there with Manchester City.

As we all know, Zufa Boxing is a joint venture between CELA, 60%, and TKO Group Holdings, 40%.

CELA is one of the many wings of the Saudi PIF, and the PIF is having a too-seriously-reconsider where it spends its money.

On top of that, Turkey Al-Sheikh is the chief boxing supporter in that neck of the woods, and according to him, his days are numbered.

Meanwhile, TKO Group Holdings is mostly owned by the WME Group, 64%, and WWE shareholders, 36%.