Buy low, sell high!
And you might have missed the wonderful news this
morning, but it appears that New Zealand has
defeated the novel Coronavirus, finally bringing an
end to such a wild, unprecedented era in human history. The entire
globe shuttered, surfing outlawed, surfers becoming Enemies of the
State no.1, social distancing laws ruthlessly enforced, facial
masks now de rigueur all to slow a Chinese crafted disease that
brutally targeted the obese, diabetics and those with underlying
heart conditions.
Well, leave it to Jacinda Ardern, New Zealand’s Prime Minister,
the most popular leader to ever lead, to beat the dang thing but
now that the war is over a scorched economic earth is left behind.
Business out of, restaurants saddled with debt, movie theaters
catching on fire, mysteriously, families huddled together unable to
afford, or find, chow mien.
The World Surf League.
And how will professional surfing’s home even begin to rise out
of these ashes? Things were not… let’s say “super bright” before
the collapse. A revolving door into the CEO’s office, shifting
raison d’être, sponsors not renewing, suspect viewership numbers,
missing Ambassador of Stoke and Leisure, wave pool technology that
has been superseded by others suggested the business was not… let’s
say “viable.”
Will co-Waterperson of the Year and billionaire owner Dirk Ziff
continue to hemorrhage? Who else could possibly interest in his…
let’s say “distressed asset?”
Jacinda Ardern?
Unfortunately she is busy consolidating power for a well-timed
run at Master of the Universe but what about Saudi Arabia’s plucky
Prince Mohammed bin Salman?
It was reported today that his sovereign wealth fund has just
purchased a 5.7 percent stake in Live Nation, the “people standing
within six feet of each other at concerts, sporting events etc.”
company that has been devastated by the Chinese Flu and all of our
social distancing.
Per The Hollywood
Reporter:
The investment in Live Nation is the second by the Saudi
government this month in an industry hit hard by the pandemic. The
Saudi Public Investment Fund also took a $775 million stake in
Carnival Cruises.
Saudi Arabia has been trying to bolster its tourism industry
before the pandemic upended international travel, and live events
and concerts had been a big part of that strategy. Last October the
K-pop superstars BTS became the first foreign band to perform a
solo stadium show in the country.
Meanwhile, in Hollywood, many firms have been reluctant to
take investment from the fund following the murder of journalist
Jamal Khashoggi. Endeavor returned a $400 million investment it
received from the fund last year. Many notable names from the world
of media and entertainment also canceled an appearance at a major
conference to be hosted in Riyadh called the Future Investment
Initiative.
Live events and cruise ships, eh?
You see what I’m seeing?
Sure, the kingdom is currently fighting a proxy war against its
United Arab Emirates neighbor in southern Yemen but adding
professional surfing into the portfolio, bringing Kelly Slater’s
Surf Ranch to Riyadh, Jeddah… even Mecca or at least Medina, having
Joe Turpel, Ron Blakey and the 1989 World Champion Martin Potter
broadcast events live from the Abraj al Bait mall?
What would the price tag be for the World Surf League to build
its patented and unassailable Wall of Positive Noise around a
handful of murders here and there?
10 million?
20 million?
More as the story develops.
