LIV makes no money. The governor of the Saudi fund basically commented that LIV failed to meet the initial expectations. That's right around the time LIV COO quit. Maybe he saw the writing on the wall.
There are reports LIV was expecting to get a real TV deal and they failed to do so getting the CW deal which CW won't pay for the broadcast or pay for production.
The PGA Tour is sustainable as it's a real business with real revenue generation, infrastructure, etc. LIV is a start up with an investor who easily could blow the whole thing up if LIV doesn't make real progress real soon. You say money ALWAYS wins but one has real and sustainable cash flow from massive TV deals, ticket sales, significant sponsorships, etc and one has an investor who if they don't see real progress in a few years could give the bird to the whole thing.
Let’s say you have a bagel store that’s doing nice business. I open one next to you and give away bagels for free.
My business is trash, I’m burning cash by opening the store every morning. Let’s say I’ve got deep pockets and your pockets are only as deep as the success of your operations.
If my bagels are good enough (and they don’t have to be as good as yours), my cash-burning model will draw your customers to me: I’m disrupting your business. The former soundness of your model no longer matters. I’ll monetize my bagels when your shop closes.
When new entrants in a space have liquidity to withstand losses and willingness to absorb them, they can be very destructive to existing business.
I don’t know how it will play out, but I wouldn’t count out LIV just because they’re burning money. Sometimes that’s the point.