Bloomberg Business of Sports

Episode: LIV Golf Plans to Sell Stakes in Franchises for First Time
Date: January 30, 2026
Hosts: Michael Barr, Vanessa Perdomo, Damian Sassauer
Guests: Randall Williams (Bloomberg US Sports Business Reporter), Cedric Cornelius (Chief Commercial Officer, Tennis Australia), Amy Trask (CBS Sports Analyst, Former Oakland Raiders CEO)

Overview

This episode dissects the evolving business landscape of professional sports, with a special focus on LIV Golf's intent to sell minority stakes in its teams, innovation at the Australian Open, and a roundup of major NFL storylines ahead of the Super Bowl. The hosts analyze the intersection of finance, innovation, and competition, bringing in expert guests to provide inside perspectives on how money, strategy, and disruption are reshaping sports.

LIV Golf’s Franchise Stake Sales & Business Strategy

With Guest: Randall Williams (Bloomberg US Sports Business Reporter)

Segment Start: [03:17]

Key Points

• LIV Golf's Minority Stake Sale

  • LIV plans to sell minority stakes in its golf teams, seeking franchise valuations up to $300 million.
  • Potential buyers include private equity, sovereign wealth funds, individuals, and family offices.
  • Randall Williams: “$300 million per franchise up to $300 million valuation. So the stakes exactly is to be determined. ... 300 million is what I’ve been told.” [03:57]

• Strategy and Profitability

  • Was selling stakes always part of LIV's strategy?
  • Williams: Rising franchise valuations in other sports (NBA, WNBA, MLS, etc.) likely made this an end goal.
  • LIV Golf is not yet profitable but is generating revenue; expansion and profitability are expected to take time.
  • “You asked if they’re profitable. Not yet. ... And that should be the expectation in large part, because although Saudi money is coming from this, again, it’s going to take some time to turn around and pick up steam.” [04:58]

• Talent Retention and Perception Issues

  • Notable golfers, like Brooks Koepka, returning to PGA Tour raises questions about LIV’s staying power.
  • Williams: Talent churn is two-way; press often highlights departures more than new signings.
  • “You’ll read the headlines that say, hey, this person is leaving LIV Golf. ... But the bigger headlines about people that are choosing LIV Golf aren’t covered as much.” [06:32]

• Objectives and Impact

  • Has LIV Golf achieved what it set out to do?
    • Williams: It’s still growing, forging high-profile partnerships (e.g., with Rolex), but its longevity is uncertain.
    • “The business is still growing… Their goal was: let’s make golf more fun. Let’s bring in a new audience.” [07:17, 10:40]
  • Damian Sassauer reframes the question to the larger objective of Saudi investment and “sportswashing.”
    • “Who owns LIV? It’s the public investment fund of Saudi Arabia… maybe that was their goal all along.” [10:48]

• Comparative Industry Disruption

  • Saudi money has reshaped not only golf but international boxing and MMA.
  • Williams: “Boxing and the boxing language and the golf language are two completely different things. ... Is LIV Golf a superpower? Absolutely. But it’s the new superhero on the block.” [11:32]
  • Tension with traditional powers like PGA Tour remains unresolved.

• Change in Tournament Format

  • LIV shifted to 72 holes (four rounds) to qualify for world golf rankings, aiming for greater legitimacy and player access to majors.
  • Williams: “It’s as simple as that.” [12:36]

• Valuation Goals and Revenue Drivers

  • LIV aspires for team valuations to reach $1 billion, but $300 million is seen as strong within five years.
  • Revenue primarily from media rights, sponsorships (notably Rolex), and event attendance.
  • Williams: “If you compare that to other leagues... it’s lower than some, but it’s on par with WNBA... $1 billion valuation is a long road to go.” [13:01]

Notable Quotes

• “LIV Golf...is directly or indirectly responsible for the advancements of the PGA Tour.” – Randall Williams [09:49]
• “Did LIV achieve their national goals?... Maybe that was their goal all along.” – Damian Sassauer [10:48]
• “$300 million per franchise up to $300 million valuation. So the stakes exactly is to be determined.” – Randall Williams [03:57]

Innovating Tennis: The Australian Open’s Business & Fan Experience

With Guest: Cedric Cornelius (Chief Commercial Officer, Tennis Australia)

Segment Start: [16:44]

Key Points

• Event Experience and Brand

  • The Australian Open sees record crowds, brands itself as “The Happy Slam.”
  • Cornelius: “We built this enormous festival on top of the tennis... There’s really something for everyone at the Australian Open.” [17:41]
  • 2025 attendance topped 1.2 million, on track to break that in 2026.

• Fan Engagement & Innovation

  • Tournament innovation is fan-driven:
    • Constantly collects feedback, reinvents attendee experiences.
    • Notable new additions: a courtside bar with a DJ, “Top Court” entertainment zone (music, pickleball, gaming), Shake Shack pop-up.
  • “We want to change a majority of what’s available at the Australian Open every year. ... We watch how [fans] interact with our content... try to be one step ahead...” [19:16]

• Embracing New Sports

  • Tennis Australia is investing in alternative racket sports (padel, pickleball) and hosting marquee pickleball events during the Open.
  • Cornelius: "We're embracing all alternative formats... We'll have a pickleball slam at the Australian Open, actually... They bring new fans to our events." [20:44]

• Entertainment & Digital Consumption

  • Dual focus: in-person festivalization and securing a global digital audience.
  • Off-site experiences amplified via social content; unique concepts like “one point slam” create viral moments and new entry points for fans.
  • “We have two big mantras. One is creating leading and innovative fan and partner experiences. ... [The other:] deliver the most watched and digitally consumed event.” [21:54]

• Global Brand and Broadcasting

  • Despite strong brand awareness, the Open seeks to further expand its reach via global broadcast partnerships and digital media.
  • Partnerships extend the AO brand worldwide, including via amateur events.

• Broadcast Paywall Concerns

  • ESPN’s decision to move matches to ESPN+’s paywall prompts active efforts by Tennis Australia to maintain audience access via alternative digital channels.
  • Cornelius: “The viewership and the availability of the content is... essential to us. ... We work very hard on our own channels.” [26:16]

• Looking to the Future

  • Constant “what’s next” mentality; already planning innovations for 2027 and 2028.
  • “While we deliver an amazing AO26 with all its innovations... our fans are wondering what will the Australian Open bring next year? And we’re working on that. And that’s the most exciting bit for us.” [27:13]

Notable Quotes

• “We built this enormous festival on top of the tennis. ... It’s called the Happy Slam.” – Cedric Cornelius [17:41]
• “We want to change a majority of what’s available at the Australian Open every year.” – Cedric Cornelius [19:16]
• “We're embracing all alternative formats of the game. ... They bring new fans to our events.” – Cedric Cornelius [20:44]
• “We’re constantly thinking about our partners and our fans. What’s new, how do we lead?” – Cedric Cornelius [21:54]

NFL Headlines & Super Bowl Storylines

With Guest: Amy Trask (CBS Sports Analyst, Former CEO, Oakland Raiders)

Segment Start: [29:26]

Key Points

• Super Bowl XLIX Preview

  • Patriots vs. Seahawks
  • Trask: “It is going to be a good, good, good matchup between two well coached, good teams. ... There’s no clear cut winner in my view.” [30:24]

• Bill Belichick Not Elected First Ballot Hall of Fame

  • Surprise and disappointment; historical comparisons (Al Davis).
  • “Clearly he is deserving of the hall of Fame. ... Sometimes it takes a while.” [30:56]

• Raiders’ First Overall Draft Pick Strategy

  • Excitement about Fernando Mendoza as potential franchise QB, but advocates flexibility if doubts exist.
  • “If they believe he’s the man, take him. But if they are at all dubious... consider trading for multiple picks or players.” [31:48]

• Coaching Carousel

  • Numerous NFL head coaching changes; likened to “musical chairs.”
  • Noted the uncertain future for displaced coaches and the Steelers’ fair approach to staff transitions.
  • “The coaching search reminds me of the game we played as kids, musical chairs.” [33:10]

• Front Office Chaos or Opportunity?

  • Weighs excitement against internal Raiders issues, especially around communication and direction.
  • “There needs to be clearer, more open, robust communication throughout the organization.” [36:32]

• Super Bowl Storylines: Sam Darnold and Mike Vrabel

  • Emphasizes persistence: “If there is a lesson for every one of us... you don’t always succeed the first or the second or third time. ... If we don’t succeed initially, keep trying and look what you can accomplish.” [37:28]
  • Vrabel’s resurgence as coach is a lesson in separating personal performance from organizational decisions.
  • “He could look at his former team... and say, it wasn’t me, it was you. Look what I’m doing now.” [39:03]

• Officiating and Technology in the NFL

  • Highlights the need for consistency, transparency, and possible tech integration to improve officiating.
  • “The number one goal should be consistency and then aim for transparency.” [40:00]

Notable Quotes

• “Clearly he is deserving of the hall of Fame. ... I do believe he will get in.” – Amy Trask [30:56]
• “The coaching search reminds me of the game we played as kids, musical chairs.” – Amy Trask [33:10]
• “You don’t always succeed the first... or the third time... but keep trying and look what you can accomplish.” – Amy Trask [37:28]

Timestamps for Key Segments

• 03:17 – LIV Golf’s minority stake sale discussion (Randall Williams)
• 07:09 – Did LIV achieve its goals? Impact on global golf
• 11:32 – Saudi influence on global sports, boxing, golf, MMA
• 12:36 – LIV tournament format changes and implications
• 16:44 – Australian Open innovation/business conversation (Cedric Cornelius)
• 17:41 – Branding and festivalization at “The Happy Slam”
• 20:44 – Embracing alternative sports: Pickleball, Padel
• 21:54 – Digital engagement and viral innovation
• 24:46 – Global brand/awareness, broadcast partnerships
• 26:16 – Broadcasting paywall, digital access strategies
• 29:26 – NFL segment with Amy Trask; Super Bowl & league storylines

Memorable Moments

• Williams on LIV: “If you think of golf, you think of the PGA Tour... When LIV came in offering these boatloads of cash, there was a lot of golfers who were like, look, this seems like a fun opportunity. ... And now some of these golfers are looking back.” [05:53]
• Cornelius on AO festival: “We built this enormous festival on top of the tennis.... There’s really something for everyone at the Australian Open.” [17:41]
• Trask on resilience: “You don’t always succeed the first or in his case, the second or the third or the fourth time... But keep trying. ... You can succeed.” [37:28]

Conclusion

This episode captured sports business at a crossroads — where immense investment (LIV Golf), relentless innovation (Australian Open), and big-league drama (NFL) collide. From golf’s ownership shakeup and tennis' fan-first evolution to the NFL’s annual reinvention, the hosts and their guests spotlighted the financial, strategic, and cultural forces shaping the future of sports.