They aren’t giving up yet.
LIV Golf released a statement Thursday morning explaining how they plan to save the rebel golf tour after it was reported Wednesday that Saudi Arabia’s Public Investment Fund will no longer back them.
They plan to take “a diversified, multi-partner investment model” after the PIF had been pumping over a billion dollars a year into it since 2022.
LIV Golf also announced the formation of a new independent board led by seasoned business consultants Gene Davis and Jon Zinman.
“LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum,” Davis, who will chair the board, said in a statement.
“The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalize its structure, attract and secure long-term capital, and position the business for growth.”
LIV Golf will have to move quickly with reports stating they only have enough money to get through the 2026 season — and even that has been called into question after their event in Louisiana scheduled for June had to be postponed with plans for a scaled-down version in the fall.
Some players have already reached out to the PGA Tour to see what a path back would look like.
LIV said the league posted a 100% increase in revenue year-on-year this season and was convinced the team golf model would be highly attractive to investors.
“We are now leveraging this momentum to engage in constructive, forward-looking discussions with prospective global investors and partners who share our vision for an inclusive and modernized game,” the league said in a statement.
“For our fans, players and partners, our commitment to world-class golf remains unchanged as this process unfolds.”
They will have to convince the biggest names on their tour that this is a viable plan after the likes of Jon Rahm and Bryson DeChambeau left the PGA Tour for hundreds of millions in guaranteed contracts and lucrative prize pools.
DeChambeau is reportedly seeking a deal in the $500 million range with his contract set to expire after this season.
Major winners Brooks Koepka and Patrick Reed fled the league to return to the PGA Tour before the 2026 season.
“For the league’s fans, players, and partners, the commitment to world-class golf remains unchanged as this process unfolds,” the statement concluded.
The clock is ticking on those plans.
— With Reuters
