Premier Peter Malinauskas says his government’s plan to spend $50 million on redeveloping a public golf course in North Adelaide is “not dependent” on hosting LIV Golf, following revelations the Saudi-backed tournament has lost more than a billion dollars in three years.<\/p>\n
It comes as the state government today revealed that the Kooyonga Golf Club in Lockleys will host LIV Golf Adelaide in 2027, ahead of the tournament’s planned move to a redeveloped North Adelaide golf course in 2028.<\/p>\n
Grange Golf Club has hosted the event since its inception in 2023 and will hold it for the last time in 2026.<\/p>\n
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The premier this year unveiled a deal extending to 2031. (ABC News)<\/p>\n
The premier said Kooyonga was “obviously one of the pre-eminent golf clubs in the nation” and noted that the course was closer to the city than Grange.<\/p>\n
“The course itself is of even a higher standard than what we’ve seen in the past, and that represents an opportunity to showcase yet another magnificent golfing tradition here in South Australia,” he said.<\/p>\n
“It’s a proud club. It’s one that’s hosted plenty of professional tournaments in the past \u2026 it’s got a record of success in hosting events like this.”<\/p>\n
Adelaide has the hosting rights for LIV Golf until 2031.<\/p>\n
The Malinauskas government earlier this year took control of Adelaide City Council’s North Adelaide golf course to spearhead a $50 million redevelopment led by Greg Norman Golf Course Design.<\/p>\n
LIV Golf finances in question<\/p>\n
The Kooyonga announcement comes in a week where the spotlight has been on LIV Golf’s finances.<\/p>\n
Documents lodged with the UK’s Companies House earlier this month show LIV Golf’s UK arm \u2014 which is responsible for the golf tour’s operations outside the United States \u2014 lost $US461.3 million ($702 million) in 2024.<\/p>\n
That’s on top of $US393.9 million lost in 2023 and $US243.7 million lost in the 18 months to the end of 2022.<\/p>\n
With total losses amounting to more than $US1.1 billion over three years, the company’s directors wrote that there is “a material uncertainty which may cast significant doubt over the Group and Parent Company’s ability to continue as a going concern”.<\/p>\n
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The LIV competition has been played at the Grange Golf Club. (ABC News: Rory McClaren)<\/p>\n
But the directors also noted the Saudi Public Investment Fund \u2014 one of the largest sovereign wealth funds in the world \u2014 has a “willingness and ability \u2026 to provide the necessary financial support”.<\/p>\n
“The directors believe that the Group and Parent Company has continued access to sufficient financial resources to support the business to meet its liability as and when they fall due,” the filing states.<\/p>\n
The state opposition seized on the financial filings this week to raise questions about both LIV Golf and the North Adelaide course.<\/p>\n
“We’re not doing our job as an opposition if we don’t ask about what impact this is going to have on the future of LIV Golf,” Opposition Leader Vincent Tarzia told ABC Radio.<\/p>\n
“It’s unsustainable for an organisation to have hundreds and hundreds of millions of dollars in losses.<\/p>\n