With LIV Golf in search of new funding partnerships, the league announced that
New York-based Ducera Partners LLC will serve as an investment banking advisor
as it seeks financial stability moving forward.
Saudi Arabia’s Public Investment Fund already has announced it will end
financial support of LIV Golf at the end of the 2026 season.
Last month, LIV announced a new board to be headed by Eugene Davis, the
Chairman and Chief Executive Officer of PIRINATE Consulting Group LLC and Jon
Zinman, the founder and managing member of JZ Advisors LLC. They are tasked
primarily with “institutionalizing the league, formalizing its ownership
structure, and evaluating the range of strategic opportunities,” according to
the league.
“This league has proven its value, and our focus now is on building the right
financial foundation for the long term,” LIV CEO Scott O’Neil said. “…
Ducera (brings) deep transaction experience and a track record of delivering
in complex, high-stakes situations. They are the right partner for this
process.”
Founded in 2021, LIV Golf made its debut in June 2022 and used lavish,
guaranteed contracts to lure dozens of stars like Dustin Johnson, Phil
Mickelson, Jon Rahm and Bryson DeChambeau away from the PGA. Former LIV
participant Brooks Koepka already has returned to the PGA Tour while Patrick
Reed will return later this season.
PIF has provided LIV with more than $5 billion, but the league has reportedly
lost millions of dollars per year. Earlier this month, Yasir Al-Rumayyan,
PIF’s governor and LIV’s main financial backer, shared a plan for the kingdom
to cut back on international investments and focus on more domestic projects.
LIV notes that Ducera “is a leading investment bank specializing in complex,
high-stakes corporate finance.” The investment giant is noted to have “$850
billion in transactions” through media, entertainment and sports ventures.
In touting “significant momentum,” LIV said that sponsors and partnerships
have increased 40% per year, ticket sales have grown 130% and that tournament
broadcasts have reached one million households worldwide.
Source: Khaleej Times