LIV Turns to Investment Bank With Sports Ties As PIF Exit Looms 

LIV Golf is continuing its fight for survival by bringing in even more financial experts and advisers in the wake of losing its funding from the Public Investment Fund of Saudi Arabia.

LIV announced Monday morning that it had retained U.S.-based Ducera Partners as its investment banking adviser “to guide the league in its efforts to secure long-term investment partners and support its evolution into a diversified, multi-partner investment model.”

The league is seeking new investors as its sole backer, the PIF, prepares to exit following the 2026 season, which runs through August. The PIF’s total spend on LIV is expected to surpass $6 billion by the end of this year; the sovereign wealth fund provided the majority of capital for LIV’s operational budget and tournament prize money.

Ducera was founded in 2015 by longtime investment banker Michael Kramer, who has previously served as an adviser for some MLB and NHL franchise transactions, according to LIV’s announcement. Kramer is also the owner of the Western Hockey League’s Portland Winterhawks, which he purchased in 2021. Ducera says it has advised on more than $850 billion in transactions across industries, including media, entertainment, and sports.

The most recent sports deal Ducera worked on was serving as investment banker for Tom Dundon’s Pickleball Inc., which last week received a $225 million investment and now serves as the parent company of both the Professional Pickleball Association and Major League Pickleball. Apollo Sports Capital led the funding, and Dundon also contributed. 

In the past year, Ducera has also advised on several multibillion-dollar company sales and bankruptcy restructuring processes outside of sports.

Kramer said in Monday’s announcement that Ducera sees “significant value” in what LIV has created. “We are focused on helping the league identify the right long-term partners to unlock that value and power its next phase,” Kramer said.

Financial Advice

LIV bringing on Ducera follows last week’s creation of a new independent board led by two corporate restructuring experts, Pirinate Consulting Group CEO Eugene Davis and Jon Zinman, the founder of consulting firm JZ Advisors.

Additionally, LIV has reportedly hired more restructuring experts at the consulting firm AlixPartners, according to Sky Sports. AlixPartners is based in New York, but it also has offices in Europe and the Middle East, among other international locations. 

The league will be back in action this week for its LIV Golf Virginia event, which tees off Thursday at Trump National Golf Club Washington, D.C.