LIV Golf CEO Scott O’Neil stressed the value of the league’s 13 teams in his first public comments since the Saudi PIF confirmed it will pull its funding following the 2026 season.
“If you ask me where the value of this business is, it’s in the teams,” O’Neil said Tuesday at his pre-tournament press conference ahead of this week’s LIV Golf Virginia, which tees off Thursday at Trump National Golf Club Washington, D.C.
“If you’re looking for direction, we believe that teams will have extraordinary value,” O’Neil said. “We believe that once we set the business in the right direction with the right trajectory, with the right revenue base and cost base—which we’re well on our way to doing—that these teams will have extraordinary value. And that’s where, if you’re an investor and you’re listening to this or reading this, that’s where you’re going to get your value.”
LIV executives revealed a bold vision in January for the league’s future that they believe could see each of their 13 franchises reach $1 billion valuations.
Before the PIF decided to end its funding, LIV had already started exploring bringing on minority investors for some of its teams at $300 million valuations. The league has been working with Citi’s sports advisory group on that process.
Ownership of LIV’s 13 franchises is currently split between the league, which holds 75% stakes in each team, and team captains, who own the remaining 25%—including Bryson DeChambeau (Crushers GC) and Jon Rahm (Legion XIII). Up until this point, there have been no investment transactions.
LIV announced on Monday that it had retained U.S.-based Ducera Partners as its investment banking adviser, which followed last week’s creation of a new independent board led by two corporate restructuring experts.
O’Neil was asked about how he felt when he learned the PIF was ending its funding.
“I don’t know, it’s hard to even think about that moment,” he said. “So I’d rather not comment on how I actually felt, my emotion. I can tell you that it was very clear 18 months ago that for this to be a going concern, we were going to have to make significant and substantive changes in terms of the way we do business.”
O’Neil took over as CEO in January 2025, replacing former league leader Greg Norman.
Will Players Jump Ship?
With the PIF committed to funding LIV for the final seven events of the season, the league’s biggest immediate threat will not necessarily be a lack of cash, but rather players potentially deciding to quit before the season ends.
LIV members will face an array of obstacles should they attempt to return to the PGA Tour or DP World Tour. Stars like Rahm and DeChambeau may be able to broker a deal as Brooks Koepka did, but others may have to sit out at least a year serving a de facto suspension like Patrick Reed is doing.
“I have a lot of confidence that this is a place players want to be,” O’Neil said Tuesday.
Tournament purses this season will remain at $20 million for the individual competition (plus $3 million in bonus money) and $10 million for the team competition.
“We have a good runway through this season, fortunately, and it’s for next year that we’re going to be making some pretty significant, substantive changes,” O’Neil said.
After this week’s event in Virginia, LIV will return for its Korea event May 28-31.
