LIV Golf CEO Scott O’Neil has started the search for two different levels of
investors, while seeking as much as $250 million in investment capital beyond
this year, Axios reported.
Saudi Arabia started the breakout golf league in 2022 through its Public
Investment Fund but will no longer provide backing to the tour after the 2026
season is completed.
PIF has invested between $5 billion and $8 billion since starting LIV Golf,
according to estimates, but will now focus on investments domestically. The
league has never come close to turning a profit, according to reports.
LIV Golf already has postponed its New Orleans tournament that was slated for
June but left the door open for a different version of the tournament later
this year. The postponement leaves a gap on the schedule between LIV Golf
Andalucia in Spain (June 4-7) and LIV Golf UK (July 23-26).
LIV Golf intends to operate in the future but will have to bring aboard
investors in the hope of being viable. And even then, the league might be
diminished from what is in place now with stars like Bryson DeChambeau, Jon
Rahm, Joaquin Niemann, Cameron Smith and Tyrrell Hatton.
According to the report, LIV Golf is letting it be known to prospective
investors that an infusion of $250 million will make the league profitable
within two years.
Another $150 million investment plan is being floated, but that will have to
be offset through a new media rights deal and the sale of its 13 teams which
consist of four competitors each.
Source: Khaleej Times