LIV Golf lives, apparently.
The polarizing breakaway golf league, which recently lost its Saudi funding, said Wednesday that it has secured a lead investor to help finance the operation beyond this season. Chief executive Scott O’Neil would not name the investor but said the parties had signed a term sheet approved by LIV’s board and that the transaction was expected to close in September.
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O’Neil did not reveal the size of the investment or offer many details about LIV’s continued operation. But he said at a news conference the new investor would “carry and fund LIV going forward.”
He also said players would become the league’s majority shareholders and that LIV planned to shrink its schedule to 10 events, split evenly between the United States and international sites.
The announcement came on the eve of LIV’s tournament at Trump National Golf Club Bedminster in New Jersey, where O’Neil addressed reporters.
Saudi Arabia’s Public Investment Fund poured billions of dollars into LIV after launching the breakaway circuit in 2022, using lucrative guaranteed contracts and record purses to lure prominent players away from the PGA Tour, including Bryson DeChambeau and Jon Rahm.
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But LIV has struggled to attract a mainstream golf audience, and its future was thrown into immediate doubt when the Saudis decided to end their financial support. It remains unclear how the league will honor player contracts and other commitments that extend beyond the current season.
Asked whether LIV might require a bankruptcy or other financial restructuring to address its existing liabilities, O’Neil did not directly answer. He said the league would “consider the best options” as it moves forward.
O’Neil said LIV was pursuing a “multi-partner model built for long-term stability and growth” and described majority player ownership as a first for a major global sports league. He said LIV had the opportunity to add other investors but did not need them to complete the transaction with its lead investor.
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