LIV Golf race to secure urgent funding deal as Saudi backers exit
LIV Golf chief executive Scott O’Neil says the breakaway circuit faces a race against time to secure new investment after Saudi Arabia’s Public Investment Fund confirmed it will withdraw its financial backing at the end of the season.
Speaking ahead of this week’s event in Indianapolis, the newly appointed boss admitted the league is operating under immense financial pressure.
The tournament will now serve as the campaign’s finale after organisers were forced to cancel the Team Championship in Michigan.
Without a fresh cash injection, the rebel series faces the looming threat of bankruptcy amid reports of unpaid bills to suppliers.
Player commitment key to survival
Investment group BC Partners, led by Ted Goldthorpe, have reportedly agreed a preliminary term sheet to fund operations from 2027 to 2030.
However, that crucial lifeline remains strictly conditional on a majority of the roster’s top stars committing their long-term futures to the tour.
O’Neil confirmed the existence of a strict deadline to secure those essential player agreements.
“We have a very compressed timeline to get the deal done,” he explained.
“Without the players, that becomes very difficult.”
Greg Norman’s successor added that he remains confident of retaining a critical mass of elite talent to move the brand forward.
A disciplined approach to debt
The sudden withdrawal of Saudi support has left a trail of financial chaos, with several vendors taking legal action to recover owed money.
Addressing the ongoing lawsuits, the chief executive pledged to ensure all outstanding contractors are rightfully compensated.
He acknowledged that the organisation’s previous regimes were significantly more free-spending than current economic realities allow.
“We’ve taken a real disciplined look at the cost side of the business,” he noted.
Despite the severe uncertainty, the management team has vowed to stand together as they desperately seek a sustainable path.
“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.”