Adelaide makes up 40 percent of LIV Golf’s revenue as the tour continues to burn through cash
LIV Golf's financial papers reveal the controversial golf series has lost an astronomical $461m last year, with Adelaide generating 40 per cent of its total revenue.
LIV Golf is losing millions and Adelaide makes up 40 per cent of its relatively meagre revenue, its parent company’s financial papers show.
Papers filed in London for the year ended December 31, 2024 by then directors Greg Norman, Louise Savage and Timothy Taylor for LIV Golf Ltd show it lost $461m, up from $396m the previous year, and had revenue of just $65m. All figures are in USD.
It had total liabilities of $260m, and $31m cash in the bank.
The small print of the paperwork shows it operated in nine geographic areas to churn its $65m in revenue — and 40 per cent of this came from Adelaide.
Australia accounted for $26m of its revenue, followed by Hong Kong with $10m, then Singapore with $6m.
The lion’s share of revenue came from “hosting fees” ($27m) followed by sponsorships ($17m) and ticket and hospitality sales ($13m).
The highest paid (unnamed) director received $712,000 and they were “considered to be the key management personnel of the Group and Company.”
The report notes LIV “operates in a marketplace which is highly competitive. The action of the Group’s competitors, and/or own inaction can have significant and adverse impact on the group.”
The state government has thrown its support behind the successful Adelaide tournament with controversial plans to move it from Grange Golf Club to a new purpose built course in North Adelaide in 2028.
The course design, lead by Greg Norman, would include a new 18-hole championship course, driving range and practice facilities for the world’s best players.
However, there are fears within the indigenous community that the upgrade could unearth or disturb sacred Aboriginal burial grounds on the edge of the River Torrens.
It would also require the removal of an unknown number of trees, although the Liberal Party has claimed it was as many as 5400 trees – a figure the government has denied.
The three-day Adelaide tournament attracts more than 100,000 people — including influential business people — and in 2024 was named the world’s best golf event for the second consecutive year.
A state government spokesman endorsed the event, saying: “LIV Golf Adelaide has been an overwhelming success, delivering more than $217 million worth of economic benefit to the South Australian economy across its first three years,” the statement says.
“LIV Golf Adelaide isn’t just the premier LIV Golf tournament, it has been named the World’s Best Golf Event two years in a row. On the back of this success, the state government has secured the tournament in Adelaide through to 2031.
“The North Adelaide Golf Course upgrade is about so much more than LIV Golf. It’s about delivering a world-class public golf course in the heart of the city which can host a range of tournaments, including the Women’s Australian Open - and importantly be available for the public to use year-round.”
Opposition leader Vincent Tarzia said South Australian taxpayers needed iron clad guarantees they will not be exposed should LIV Golf’s financial situation worsen and contracts were torn up.
“To be clear, the Opposition is in favour of LIV Golf and the economic benefit it brings to South Australia,” Mr Tarzia said.
“However, given LIV Golf’s reported parlous financial position, the government has a responsibility to inform South Australian taxpayers of recent discussions it has had with the company, including any guarantees about the long term future of the tournament in Adelaide.
“The company is reportedly haemorrhaging, losing hundreds of millions of dollars a year. “Why is the Government even contemplating spending tens of millions of dollars on a project for a company in such a parlous financial state?
Aspiring lawyer allegedly ran massive drug ring, court told
