LIV Golf Begins Laying Off Employees While Downsizing to Restructure without Saudi Funding
The tour is seeking a new lead investor as it scales back operations and faces canceled events, slashed purses and unpaid vendors.
- On Wednesday, LIV Golf announced it is laying off the majority of its workforce as financial backing from Saudi Arabia's Public Investment Fund expires after the 2026 season concluded last weekend.
- The Public Investment Fund poured more than $5 billion into the circuit since 2022 but announced in April it would cease financial support following the 2026 season's conclusion.
- LIV Golf CEO Scott O'Neil is seeking an injection of between $250 million and $350 million to fund 'LIV 2.0', which targets 10 events for the 2027 season across five U.S. and five international markets.
- Following the season's conclusion in Indianapolis, the league faces canceled events, unpaid vendor invoices, and multiple lawsuits; O'Neil did not rule out filing for bankruptcy.
- Securing the league's future requires finalizing a deal with Ted Goldthorpe of BC Partners, as O'Neil acknowledged a 'very compressed timeline' to obtain buy-in from the existing player roster.
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(Seoul = Yonhap News) Reporter Choi Tae-yong = LIV Golf, having lost support from Saudi Arabia's Public Investment Fund (PIF), has announced mass layoffs of employees starting next week.
LIV Golf to Lay Off Large Number of Employees in Bid to Stay Alive
LIV Golf has announced that it is lying off most of its U.S. and U.K. employees in a desperate, last-bid move to stay afloat. The post LIV Golf to Lay Off Large Number of Employees in Bid to Stay Alive appeared first on Breitbart.
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LIV Golf to lay off majority of staff
The layoffs come after LIV Golf lost the deep-pocketed Saudi investors that had spent a reported $5 billion over several years to lure many top stars from golf's PGA Tour. That funding from Saudi Arabia's Public Investment Fund (PIF) came to an abrupt end following last weekend's Indianapolis LIV season finale event. While LIV officials say a "2.0" version of the tour will re-emerge under new investors next season, with a shorter schedule and re…
LIV Golf announced on Wednesday (26) that it fired most of its employees while continuing to provide funding for its next phase, with financial support from Saudi Arabia's Public Investment Fund (PIF) about to expire. PIF has injected more than $5 billion into the golf course since it was launched in 2022, with a withdrawal from the PGA Tour, but reported in April that it would cut funding at the end of the league's 2026 season, which ended last…
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