How does the PGA Tour react to the LIV Tour? || David Tepper's company declares Chapter 11 bankruptcy

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This is the gold show Senior writer golf Channel.com also part of everything they do on television also wrote yesterday. Players choose history, money, morality or security. There are a lot of options there.

The live golf series. We all knew was going to happen. There's too much money involved. First of all, your reaction to $125 million guaranteed contract for Dustin Johnson. I don't know your phone number regular water number floating around all over the ballpark of what we heard regattas willing to offer certain report player document caliber agreed acting up that goes into it. It generational wealth is what we talk about the entire time. This is in a little bit of money. A lot of money and you look at what you get her done his career and maybe the runway ahead of and in his mind is probably pretty good decision at this point let's audit dull channel is joining us here in the adult show, I stand before you get back to this, there are six more spots.

It's very possible that some of those players are in the field this week at the memorial but we already know that there were three players in the field that will be going to London next week but look at the PGA tour really do to make it painful for a Dustin Johnson or Sergio Garcia or Cavanaugh whose part of this is well did not go. I didn't record your money and have to hold the line on this when you talk, when the first came up and continued to talk copies never work like Iron Man. Micah Cooper's borders of the PGA Tour that want to stay away from that work like time courts don't think like that particular word when it comes to required. I think they can all expect some sort of punishment, and by all accounts will probably going to have to wait. I think there's going to be eight widescale on this if you play one of the live documents executed in London. The recovery one punishment and anyone who is applying all eight. It would be another punishment and when it comes to a guy like Dr. Johnson, I think you would probably look for the maximum punishment door doesn't have a choice on this matter doesn't matter that he ducked in the world to time major champion probably factors against him.

In this particular situation. The tour would have to make an example out of everyone inductively be at the top of that list would be even better for the tour to simply without announcing the band without assignments. I will matter if you make an hundred hundred million hundred 25 million to play innate events tour simply rescind membership and everything that comes along with dad, pensions FedEx cup other tour perks. Could this could they simply do that for absolutely and you mentioned the pension membership first one that you would look at instantly. We all expect to stand up in court. Sooner or later.

There are independent contractors and this is where you tipping point, but the unspoken and untold story of the pension. The PGA Tour has the best pension in all of golf in a former life as a magazine writer part of the big package we wrote about that golden parachutes were offered absolutely amazing and everyone who does this is jeopardized now.

There are legal restrictions of what the tour probably can and cannot do that money. I don't know as a nonprofit 501 Tracy if they have the need to move unilaterally and punish someone and ethically take all the money out and then it would be punished. He would be taxed on that and that would be a huge globe for a guy like Dustin Johnson who has million in his pension fund so that would be the one that probably hurt most let's audit dull channel is joining us here does the PGA Tour need the Masters to back them up on this to the point where maybe Fred Ridley comes out and says if you play live series we will no longer invite you to play in our tournament. I think the PGA Tour need all the major back them up. In this particular case nobody was open, which is in two weeks. The ultimate tipping point, right on your players who have signed up to her and feel right now. Next week in London for the first live event. You are exempt into the US open and were going to see exactly where that organization can very quickly and I don't know that the fight USGA is willing to work or even field right now.

I mean, because when you start talking about taking away things that have been historically given. Then again Rashid to talk and in legal terms, but the court clearly not going to look very well at that regardless of what stands out. The tour need all of the major change USGA the RNA. Certainly Augustine asked on the PGA of America to stand with them.

I don't know that something they can actually do because it you're going to get sorted down the mud PGA Tour, and I'm not sure that the fight they want. Let's audit is the European guys. The Lee Westwood Ian Poulter Sergio Garcia some others that of Richard Bland is also in the field but those first three have they forfeited any connection to the European Ryder Cup team now targeted for everything. You can write of him. I think they've made their decision and you can almost see this going on and went on behind the scenes are no longer exactly sure but when his extension was going to be a writer, cocaptain, and he was ignored Cocaptain unit upping the Ryder Cup captain you can imagine a scenario where there was a lot of talking going back that you can do whatever you want are an independent contractor you live if you do this you're going to lose your turn at the wheel, and I think what we're seeing right now is at least three pretty much lock European captains into the near future that have play their way out. Made a decision that will not allow them to be a grandma galaxy impulsively. Westwood we were going to be European captains and I don't get in court. Yeah, I had forgotten Greg McDowell. He was one of the other RBC golfers. That's the other thing that really made me kinda claim here is that Dustin Johnson is the number one golfer in the stable from RBC Royal Bank of Canada connects the title sponsor for next week's tour stop and they were using him for all the for all the advertising up there and he is skipping out on that event, and not surprisingly lost his endorsement deal will Dustin lose the others and he's got a pretty long list of endorsements you might I reject him later today or your client, Dr. Alder players going forward.

You might end up playing in the live golf event and did not hear any comment dark so we don't know exactly where they can RBC has been really clear on this. If you go back to the Saudi international display in previous years. Dustin wants wife Carol Varner one at once both of those players, RBC investors what they're called and when they won the Saudi international.

They did not have the RBC lability hugs you back within the next very clear indication of where their company stood when it came to anything related to Saudi Arabia in the public investment fund that's behind lift. Often those goods are going to be plenty of other sponsors that make this short UPS is Artie done it yet Cajun and Lee Westwood. They're not going to be alone. That being said as we started the conversation with the hundred $25 million, whatever money is the time Johnson was getting from our decision or to anyone else, not compared to hundred ones on the plain white T-shirt, it would not be to have capital financial advisory group.

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I'm just curious, are you guys really true independent contractors.

They draw benefits from the PGA tour they have to abide by rules and regulations of the PGA tour they have to apply for the waiver which that which was denied by the PGA Tour. So it really seems that they had their employees, but with a lot of freedom of movement more than more than true independent contractors neuron correct. Yes, I live in Florida from language to understand and find out going to land all about an independent contractor 20 rules and regulations written into immediate guide written into the PGA Tour player handbook and complained that it is been written specifically that they would not be giving conflicting event releases organs played within North America in the next event will be played in North America, Portland, Oregon. So there are plenty of stipulation how that land and in the legal system how that land with the court. There's a scenario I can get the very real scenario where the players back by live golf and live golf lawyers push back on the idea that they are independent contractors and they can play wherever they want their leaning into the idea. I think Alina click keep using it. The error-free agency has reached maybe that correct what going into happening though.

There's going to be a lawsuit and kind of time to switch it and look beyond that to be an injunction should end up with a scenario where a player like nothing Jonathan plated 15 event on the PGA Tour contemplated 89 10 Harriman event on the live golf tour until this all plays out, which could take years to play out. So essentially a guy like Dustin Johnson probably think himself that is a good chance that I'm going to get to do exactly what I wanted to do the which was play on both. This is this is crazy what highlights do you expect Phil Mickelson to be one of the other six I don't think so. Now I get it very real possibility, and I was probably just be at below nothing. Jonathan started surprised when the fear was all in and out late Tuesday because Phil has been tied so closely to live golf because Phil and the blowup opens the bridge we have is critical in an article earlier this year. Both live golf in the PGA Tour. It seems to me there leverage being employed on both Scott golf and will Mickelson at this point whether he wants more money or they want to give him less money. I don't know I probably put a 50-50. He's going to be in the first field: opinion one of the field lets out and I appreciate your time. So go out and I hope Ricky and Adam Scott both play well so they have to meet the media because both involve some sort of been tied to this Ricky with is very vague comments at the PGA and Adam Scott appraised the idea of smaller events, no cut and giant purses. So I have thought a memorial. I'll talk to you down the road from you Rex Hoggard, Senior writer golf Channel I what we come back.

It takes a while to really learn how to be an owner in the NFL David tempers not quite there any is not endearing himself to the community down in Charlotte will talk about that next June 19, 2006, but it all started May 6, 1997 with the announcement that the Hartford whalers were coming to North Carolina transition of heartbreak. Figuring it out on the fly became 25th anniversary of the presented by the Carolina listen ownership of a professional team is probably not the right term because in almost every case you're not really the owner of the team as much as you are the caretaker of the team because the real owners is the community that the teams existed. So the only true in major US ports. The only true situation like that is Green Bay where it's a community owned team that is simply run by a team president. There is no owner of the Green Bay Packers and a lot of cases in the NFL view of the their family-owned teams know the I know I I think the hunts alone.

The Chiefs you've got America's I guess the Tisch family also owners of the giants of Rudy's own. The Steelers now were getting less and less of that over time, but they are standstill for the most part families. David Tepper bought the Carolina Panthers from Jerry Richardson, the owner that saw them expanded into the NFL.

He was the one who purchased the expansion team and he was the only owner until we all discovered genes Friday and he had to go and David Tepper came in in 03 buttons undone from the top of his Oxford and paid cash for the team is the wealthiest owner.

According to Forbes magazine with a net worth at just under $17 billion paid $2.3 billion cash for the team, give or take.

I've seen seen it listed at 2.5 is listed at 2.1 split the difference, but the one thing David Tepper doesn't have. We actually saw this in Buffalo is leverage the pergolas who also own the Sabres for years. They were playing one sometimes two games in Toronto. Toronto is a pretty cosmopolitan city very much along the same lines as New York and they love NFL football in Canada. They like NFL football more than they like Canadian football in Canada. Superglue can always just float the idea we can move big buffaloes just Buffalo that week we can move to Toronto and Erie County and the state of New York and the city of Buffalo are essentially building the pergolas a brand-new stadium for the bills like the amount of personal money that the goal is to have invested in this project is 25%. Maybe yeah of the overall think I think it actually might be less like the NFL's kick in money it up into the project and ultimately it's the state, the county, the city building the pergolas, a playground that they control. Not that the city controls that the pergolas control which of course is silly because leverage David Tepper really doesn't have leverage the Panthers aren't leaving Charlotte there not moving. They do have an older stadium made by NFL standards. It's an older stadium is not the oldest, though, right but it is an older stadium doesn't have all the bells and whistles doesn't have a retractable roof. I know they would like to have a cover on it for a lot of reasons to do a lot of different things to get basketball, possibly a Super Bowl would would help write all that but he doesn't have the leverage. So the latest story for David Tepper as he continues. Learning how to be an owner in the NFL is how to not get along with your neighbors and David Tepper could teach a master class on this so we can get along with the folks at Rock Hill member Rock Hill was the site for the team is it wasn't just a practice facility. It was an it was the centerpiece of an entertainment complex that was that the team inordinate Tepper had already put about $170 million in they had already broken ground. You could see it from. I think I 77 right you could see what they had already done the big piles of red dirt down there and like halfway done. If it's halfway done, but it's they certainly started. Yeah right. They haven't they haven't gotten to the entertainment center. Sure part of it right as it was supposed to have retail and hotels.

It was supposed to be essentially like. I hate to use the for those people in North Carolina where we are. The Randy Parton theater as a good example.

What was supposed to be like a destination like Rock Hill which is a suburb of Charlotte about 25 miles to the south and I guess West of Charlotte but is a pretty popular kind of a bedroom community. They were supposed to build that up so the funding changed fell through. However, and the deal was completely scuttled by David Tepper and yesterday he filed for Chapter 11 bankruptcy protection for the real estate arm that was that he was using to develop this property essentially the separate company to shield any claims to him or the Panthers. The company was only for the real estate and that was this it has nothing to do with the team. There's no connection to the team other than they're both owned and run by David Tepper. He was actually initially the only officer that was listed and he does this and this is common in big business. So this is not uncommon. He does this to protect him from creditors. That's why files for Chapter 11 net what they said was that they wanted to pay the legitimate creditors. Okay meanwhile, there are companies with tens of millions of dollars in in claims that they have yet to be paid for that are in dispute. So if you set up a company rather if it be if you hire a company to do work for you and then they start doing the work and they make all the plans to do the work and this is what the work will cost and this is and then all of a sudden you decide your pulled the plug that companies out and they have no claim to you because they haven't necessarily completed all the work yet they have no claim to you because you filed for Chapter 11 protection.

That's what David Tepper is so he is not making friends in Charlotte and in Rock Hill, South Carolina and here's my question. When the time comes for David Tepper to ask the city for money to either repair, renovate, replace Bank of America stadium.

What's the answer going to be.

Can you be trusted.

Can David Tepper be trusted with the mismanagement of the football team can David Tepper be trusted, and I don't know what the answer to that is, except initially you can't and that's a problem that is a problem. This is the gold shell June 19, 2006, but it all started May 6, 1997 with the announcement that the Hartford whalers were coming to North Carolina transition of heartbreak. Figuring it out on the fly became 25th anniversary of the move presented by the Carolina listen