LIV Golf Issues Redundancy Notices Amid Financial Restructuring
Majority of US and UK workforce impacted as Saudi Public Investment Fund withdraws backing, new investor sought for 'LIV 2.0'.
Image: Eddie Pollard / AI
Sarah Connor
LIV Golf has issued redundancy notices to the majority of its workforce in the US and UK.
A LIV Golf spokesman confirmed the scaling back of operations, stating, "The funding commitment announced by PIF earlier this year will reach its conclusion." The spokesman added, "As a result, we are scaling back operations as we transition to the next chapter of LIV Golf and work toward making LIV 2.0 a reality."
Scott O'Neil, reportedly LIV Golf's chief executive in early 2025, has actively sought new investment. O'Neil is understood to have pursued an injection of between $250m and $350m, aiming for profitability within three years for the proposed LIV 2.0 concept.
The whole focus is on transaction, transaction, transaction.
Ted Goldthorpe, head of the investment firm BC Partners, has reportedly agreed to a term sheet to become LIV's new primary backer, funding a redesigned LIV 2.0. LIV Golf claims it works to finalize a deal with a new lead investor to fund this next iteration.
The purse for the Indianapolis event saw a significant reduction. The season-ending team championship in Michigan has been cancelled.
PGA Tour chief Jay Monahan stated on Tuesday that players wishing to return to the PGA Tour must be free of contractual obligations to LIV Golf. Monahan claimed Jon Rahm, Bryson DeChambeau, Cameron Smith, and Brooks Koepka were offered a path back to the PGA Tour earlier this year, but added that these players would likely not be welcomed back quite so warmly now.
The PGA Tour operates as a membership organization with rules enforced for competitive fairness. Scott O'Neil emphasised the immediate focus, stating, "The whole focus is on transaction, transaction, transaction."
He continued, "We’re spending all our time thinking about how we best land this plane and have it landed so we can take off again. All our focus is in that direction." Little certainty exists over whether LIV Golf will continue to exist, with the league reportedly remaining in a precarious position and the prospect of bankruptcy looming.