Phil Mickelson of America during the opening of the LIV Golf Invitational at Centurion Club, Hemel Hempstead, St Albans, England, June 8, 2022
Paul Childs | Photos Action via Reuters
Adidas CEO Kasper Rorsted believes the controversial Saudi-backed LIV Golf series is part of the sport’s “normal evolution” and said the German sportswear giant will continue to focus on partnerships with individual players.
The PGA Tour has suspended many of their big names for their part in the breakaway competition, is in its inaugural season and has caused friction around the golfing world after attracting players for hefty fees.
LIV is being funded by Saudi Arabia’s sovereign wealth fund, and critics accuse the series of trying to raise the kingdom’s image despite persistent concerns about human rights abuses and potential relationship with 9/11 conspirators.
The PGA Tour now faces antitrust lawsuit from 11 players who joined the LIV series, including Phil Mickelson and Ian Poulter, after they were suspended from their traditional North American tour.
Golf legend and 15 times major champion Tiger Woods turned down an offer in the region of $700 million to $800 million to join LIV Golf, its CEO revealed on Monday, voiced disapproval of the series at last month’s Open Championship.
Speaking to CNBC’s “Squawk Box Europe” on Thursday following Adidas’ quarterly earnings report, Rorsted said there has been no decision yet on whether the company will sponsor a team in the LIV series.
When asked about his comments on the rebel tour, he said: “We think it’s a normal evolutionary process going on, and ultimately it’s the agencies that need it. decide what they do. We have the same conversation when you look at League or World Cup Champions with UEFA or FIFA.”
Rorsted added that Adidas wants to “remain an individual sponsor.”
“We have a very close view of the players and, in essence, we want to make sure we partner with the best player – we think that’s easy.”
Adidas on Thursday announced a 28% drop from the same period last year on operating profit for the second quarter, as business shutdowns in Russia, higher supply chain costs and the Covid-19 lockdown in China dented earnings despite continued strength in North America.
