When a group captain talks up an $8 million earnings for a league that has actually simply applied for Chapter 11, somebody is bound to inspect the mathematics.
That is what occurred on The Shotgun Start podcast, hosted by Fried Egg Golf’s Brendan Porath and Joseph LaMagna. The 2 broke down Bryson DeChambeau’s current discuss Raj Shamani’s ‘Figuring Out’ podcast.
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The pushback was available in a brief exchange that started with Porath questioning how DeChambeau believes the franchises in fact worked.
LaMagna indicated the source of the group’s reported incomes.
“I imply, the part you have not struck on is, unless I’m incorrect, $8 million in favorable EBITDA. Just how much of that cash, the income that he’s crediting to the group, is the revenues that the group has made on the golf course? That’s not genuine revenues. Those are LIV sponsorships from Saudi business that are getting funneled through to the groups. That is what he’s crediting. That’s not genuine earnings.”
Porath was similarly dismissive, duplicating his decision on DeChambeau’s remarks: “Okay. Ridiculous rambling. Outrageous rambling.”
To comprehend the response, it assists to understand what DeChambeau stated. On the Figuring Out podcast, the Crushers GC captain stated his group produced nearly $29 million in earnings in 2015 versus $21 million in expenses.
In DeChambeau’s words, “We had $21 million in expenses simply from payment of gamers and costs and travel and whatever. We made $8 million EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) last year … And the groups were doing well, however then all the gamer payments and whatever got pressed down to the groups when they went insolvent due to the fact that the leading business wasn’t being run successfully.”
It was not a brand-new line. At last year’s U.S. Open, DeChambeau stated Crushers GC had actually been EBITDA favorable for 2 years and compared the group’s development to TGL. This time, however, the claim happened 24 hr after the current gamer dedication due date for LIV 2.0 had actually passed.
The hosts’ concern was less the math than where the earnings originated from. LaMagna’s argument is that group earnings connected to league sponsorship is not the like a franchise making its own method.
The filings offer some context. Sponsorship comprised approximately half of LIV’s earnings and reached $102 million in 2025. 4 of LIV’s huge 6 worldwide partners were Saudi business. The filings do not state just how much of that reached private groups, so that part stays LaMagna’s view.
Porath’s other point had to do with timing. DeChambeau explained a healthy group inside an improperly run business, however the Crushers became part of the very same structure, and he likewise stated he did not understand about the mismanagement at the time.
The Collapse Behind the Claims
The numbers around the league paint a really various image from one lucrative franchise. Saudi Arabia’s Public Investment Fund revealed in April that it was ending its financing. That followed more than $5 billion in costs. The PIF then provided LIV $495 million in June to make it through the 2026 season, though a New Orleans occasion was still canceled and the group champion was folded into the Indianapolis ending.
By early September, LIV had actually laid off 289 workers, approximately 90% of its personnel. It applied for Chapter 11 in New Jersey on September 8 with liabilities in between $500 million and $1 billion versus possessions in between $100 million and $500 million. The filing revealed about $15 million in money.
The broadcast side discusses much of the space. Television rights were just about 5% of LIV’s earnings, while the PGA Tour has actually viewed as much as 67% of its core profits originated from tv. LIV’s reorganizing officer still stated the design would have reached success within 5 to 7 years with correct financing.
DeChambeau was likewise a lender in the event. The petition noted LIV as owing him near to $5.8 million in overdue costs.
LIV 2.0 now leans on the gamers. BC Partners’ approximately $300 million in funding is conditional, and the offer provides gamers a 52.5% bulk stake in the league. DeChambeau explained the compromise himself, stating that unlike previously, this time the gamers are not actually earning money in advance however do get governance.
More than a lots huge names, consisting of Jon Rahm, Sergio Garcia, and Tyrrell Hatton, have actually revealed they are leaving, with just 15-20 gamers reported as tentatively devoted.
That is the background for Porath’s doubt about whether LIV’s groups will “dip into all.”
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