STANDING UP FOR THE CITY THE CITY VIEW

When LIV Golf –the Saudibacked, all-singing, all-dancing new form of the game –launched, sceptics lined up to predict its impending failure. It would never attract the players, they said. It did. It would never receive the coverage of the established tours, they said. It did. Even when protectionist barriers were placed in the way, with bans on competing in the

Ryder Cup and other flagship events, LIV kept finding a way to put on a high-end product. Competition did wonders for the workers –the golfers, in this case by significantly increasing the cash prizes on offer. Now, with LIV golfers back on PGA greens, it works for consumers too, who will benefit from the innovations that the disruptor has come up with in both format and digital delivery.

In short, the competition between the young guns and the old establishment has produced a better game, and a better commercial product. Rather than fighting LIV in the courts, the PGA has decided to team up: investment from the backers of LIV and golf expertise from people who’ve been running tournaments for decades.

Around the time LIV launched, we published a piece which suggested that the entrance of a disruptor to a monopoly market

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was one of the few areas where Karl Marx and Adam Smith might find common ground. Marxists would welcome the increased rewards for labour going to the golfers, while Smithian free marketeers would predict a better product as a result. We’ve got both. And the best news of all is that at some point another new disruptor might come along and do the same again. Here’s to competition, in business and on the green.

What The Other Papers Say This Morning

The Financial Times

Lloyds Threatens Telegraph Over Debt

The owner of the Telegraph Media Group has been threatened with receivership by lender Lloyds Banking Group over a longstanding debt owed by the parent company controlled by the Barclay family.

THE TELEGRAPH WORST MONTH EVER FOR ESG FUNDS AS BRITISH INVESTORS PULL £300M ESG funds have suffered their worst month for withdrawals on record as market turmoil and rising inflation prompt investors to focus on returns ahead of ethics.

BLOOMBERG

UK SHOPPERS SEE MORE SHRINKFLATION IN AISLES

British shoppers are becoming more aware of “shrinkflation,” as food producers cut packet sizes while charging the same or more than they used to, as 83 per cent say they are concerned the trend is growing