Amid LIV Golf’s uncertain future, the league gained some positive momentum this week when CEO Scott O’Neil announced a new lead investor had been secured as the Saudi PIF’s funding ends this month.
LIV now appears to have a lifeline to continue operating in 2027, but many crucial questions remain about the league’s next steps—for not only next year but also the conclusion of this season.
Who is LIV’s new investor?
The identity of LIV’s new financial backer is not yet being revealed, with O’Neil only saying there is an agreement in place that’s expected to be finalized next month. LIV’s search for new investors this summer included conversations with private equity firms, high-net-worth individuals, professional sports team owners, and family offices, among others.
Global private equity and credit firm BC Partners is reportedly exploring a deal with LIV. The firm’s credit arm is “leading a group of investors looking at lending money to LIV,” according to Bloomberg, which reported that LIV’s “talks with BC Partners and others are advancing, but nothing has yet been finalized and details could still change.”
A private credit deal would mean that a firm would likely expect to be repaid, as opposed to a focus on the upside from the investment in a private equity deal.
BC Partners is an investor in GSE Worldwide, the sports agency that represents Bryson DeChambeau, among other professional golfers on LIV and the PGA Tour, in addition to pro athletes in other sports. GSE has denied being involved in the reported BC-LIV deal.
How much money has LIV raised?
There are no details on how much cash LIV’s new mystery investor is committed to injecting into the league. LIV had been seeking up to $350 million in new funding, O’Neil said earlier this summer. The PIF’s total spend on LIV since the league launched in 2022 was projected to surpass $6 billion by the end of this year.
It’s possible that more minority investors could come on board in addition to the new lead and provide additional funding. “We don’t need them, but we have the opportunity to do it,” O’Neil said when asked about additional investors Wednesday.
Will LIV file for bankruptcy?
A corporate restructuring for LIV has been widely expected ever since the PIF, the league’s sole financial backer, announced it would end its funding back in April. Filing for bankruptcy could be a logical step for LIV under any new owner, and could be used to forge a new operational path moving forward.
LIV’s new independent board directors hired in April, Pirinate Consulting Group CEO Eugene Davis and JZ Advisors founder Jon Zinman, have extensive experience in corporate restructuring, including bankruptcy.
Will LIV’s team championship be played?
LIV Golf Michigan, the league’s $40 million team championship scheduled for Aug. 27-30, is expected to be canceled, sources have told Front Office Sports. But LIV has not made an official announcement about the event. “We have not made any final, formal decisions and hope to in the coming weeks,” O’Neil said Wednesday when asked about the season finale.
There has also been no infrastructure buildout at the event’s host site, The Cardinal at Saint John’s Resort in suburban Detroit. Marc Leishman, a member of LIV’s Ripper GC team, said on Tuesday it would “be a shame” if the team championship isn’t played.
What will LIV’s 2027 schedule look like?
Under a LIV 2.0 vision, the league is targeting playing 10 events next year on five different continents, down from 13-14 events in recent seasons. The working plan is five international events in markets like Australia and South Africa that LIV has already seen great success, and five U.S.-based events timed around the four major championships to facilitate LIV members competing in golf’s biggest events.
Purses are expected to be around $10 million per event, down from $30 million this season. LIV in recent years has started its seasons in February. A concrete schedule would need to be finalized this fall to ensure players and tournament organizers had proper time to prepare for LIV’s events.
What happens to LIV players’ contracts?
Jon Rahm has multiple years remaining on his LIV deal—and is still owed potentially more than $100 million—while DeChambeau’s LIV contract expires after the season; he had previously been seeking up to $500 million in a new deal before the PIF exited.
As LIV’s biggest stars, whether the league can afford to keep Rahm and re-sign DeChambeau will be one of the most important factors shaping LIV’s future. LIV’s new model would see players become “majority equity holders” in the league, according to Wednesday’s announcement. It’s unclear whether players will still be offered signing bonuses when signing new deals.
The PIF is reportedly exploring buying out some players from their deals. The Saudi fund is “considering paying off those contracts at a discount to settle any potential liability as well as to avoid bad publicity, leaving the players positioned to sign fresh deals with the BC Partners-backed circuit,” according to the Financial Times.
Will LIV retain world ranking points?
LIV finally gained Official World Golf Ranking points for its events ahead of the 2026 season, after playing its first four seasons without the crucial accreditation that helps players qualify for the four major championships. The OWGR board in January said it would continue to evaluate LIV against its eligibility standards, which could result in an increase in points, a decrease in points, or removal from the system altogether.
Several factors about LIV’s future could put its OWGR status at risk, including a reduction in annual events and the loss of its partnership with the Asian Tour, which provided a pathway for players to qualify for LIV.
