LIV Golf CEO Scott O’Neil is desperately trying to cauterize the wound inflicted on the organization by PIF’s decision to pull funding for the rebel tour.
Having plunged the best part of $5bn into LIV, the money ringfenced by the Saudi Public Investment Fund for LIV will dry up at the close of the 2026 season. In the meantime, the sovereign wealth titans will reportedly finance prize purses and player contracts for the remaining four events of the season via loans.
That has forced O’Neil to court fresh investment, enlisting advisory firm AlixPartners, investment bank Ducera, and restructuring industry veteran Gene Davis and Jon Zinman to assist with the search for up to $350m in fresh capital.
The travails of LIV golfers at the U.S. Open last week, which was won by Wyndham Clark, are emblematic of the tailspin that the business has entered. LIV’s biggest stars flopped at Shinnecock Hills. Jon Rahm and Bryson DeChambeau missed the cut and Dustin Johnson barely made the weekend after Friday’s collapse.
Among that trio, who together are locked into contracts worth $300m, $125m and $100m respectively, there are varying appetites to help O’Neil out with securing a rescue package.
Rahm has ruled himself out entirely; DeChambeau, whose deal expires after 2026, appears fully committed; Johnson has not explicitly said he will help the search but that he is confident that LIV will continue.
Under a new proposed 10-event schedule, LIV will need the backing of its biggest names if it is to get the investment from the private equity firms, family offices and wealthy individuals it is pitching to.
Speaking to Australian Golf Digest, O’Neil has lifted the lid on what he wants the makeup of the reorganisation to look like.
“I think having one [investor] in Asia, Europe, Africa, North America and, of course, Australia would mirror the look, impact and diversity of our players,” said the former Madison Square Gardens Sports, Philadelphia 76ers and New Jersey Devils executive.
“In a perfect world, our future investors will come from different parts of the world – particularly Australia – and that’s precisely who we’re talking to right now.
“And what I have found really interesting over this first week is the interest from private equity has been great, family office has been terrific, and then a lot of team owners are talking to us too – professional sports team owners. What they’ve said is, ‘Look, I don’t think we’re going to invest $300m. That’s a big number. But would you take $25m or $50m?’”
Australia has been a rare success story for LIV.
LIV Adelaide has been the best-performing swing of the tour, with 115,000 spectators attending in February as Anthony Kim won the individuals title while Ripper GC – the all-Australian outfit – won the team event.
LIV say that Adelaide generated $118m in total economic impact. And as O’Neil makes his case to investors, he will use those accomplishments as proof of concept.
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