LIV Golf’s CEO says the league is financially committed to finishing the season
Amid questions about LIV Golf’s future, CEO Scott O’Neil told TNT Sports on Thursday that the league is financially committed to completing the 2026 season.
On Wednesday, the Financial Times reported that Saudi Arabia’s Investment Fund, which has invested more than $5 billion in LIV Golf since its debut in June 2022, is about to cut funding.
LIV Golf has eight tournaments remaining this season, including five in the United States.
“The reality is you’re funded during the season and you work like crazy as a business to create a business and a business plan to keep us going,” O’Neil said during Thursday’s opening round broadcast in Mexico City. “But that’s no different than any other equity-funded private enterprise in human history.”
O’Neil, who on Wednesday sent a memo to staff saying the 2026 season would go ahead “in full,” said Thursday he met with 50 people at the Masters and presented a plan that “might surprise people.”
LIV Golf said its other metrics, such as ticket sales and team sponsorships, are up, while O’Neil projects 10 of 13 teams and four of 14 events will be profitable.
However, there are significant costs involved in prize money ($30 million per tournament) and operations.
“Because of the intensity of this business, we are very happy with where we are and the situation we are in,” said O’Neil. “… This idea of bringing teams to market, I had two phone calls this morning. This idea of, ‘Should you raise money?’ Maybe. This is a business. But if we keep the trajectory going the way we are and the revenue growth, this is going to be a really good business for a really long time. “
Louisiana Economic Development Secretary Susan Bourgeois asked LIV Golf for an answer Monday about whether their tournament scheduled at Bayou Oaks in City Park in New Orleans June 25-28 will go ahead as planned, Nola.com reported Friday.
Golfer Jon Rahm said he has no problem moving forward within the ropes amid uncertainty.
“For me, it didn’t make sense to think about it or spend time thinking about it [it],” Rahm said Thursday. “Since everything happened so suddenly and so quickly, I didn’t worry too much about it because usually, before the rumors start, we know something — there’s always someone inside the league who knows something. It happened so quickly that I didn’t worry about it.”
Saudi Arabia’s crown prince and PIF chairman Mohammed bin Salman on Wednesday approved a five-year strategic plan for the sovereign wealth fund with a focus on domestic projects.
PIF sold a 70% stake in Saudi Pro League side Al Hilal on Thursday to Kingdom Holding Company, a company owned by billionaire businessman and member of the Saudi royal family Prince Alwaleed Bin Talal.
Meanwhile, LIV Golf and PIF are listed as defendants in a lawsuit filed by the World Golf Group and the Premier Golf League, which originally sought to have golfers compete in four-person teams in 54-hole events with purses of $20 million.
Details of the lawsuit, which was filed in Commercial Court in London on Thursday, were not immediately known, and lawyers for the World Golf League did not immediately respond to ESPN’s request for comment.
The Premier Golf League has hired PGA Tour stars such as Justin Rose, Brooks Koepka, Rickie Fowler, Dustin Johnson and Phil Mickelson as of 2020. It has reportedly promised $30 million each to PGA Tour stars who will contribute to their clubs.
The league, founded by the British-based World Golf Group, wanted to hold 18 global tournaments involving 48 golfers competing for purses of $20 million. The winner would receive $4 million.
The Premier Golf League has attempted to partner with the DP World Tour in the fall of 2020 with promises to take the European tour “to the next level.” In response, the PGA Tour formed a strategic alliance with the DP World Tour.
With the help of former world No. 1 golfer Greg Norman, LIV Golf was able to hook several of the PGA Tour’s top stars, including Mickelson, Koepka and Johnson, with guaranteed contracts worth more than $100 million.
The Associated Press contributed to this report.
