LIV Golf faces collapse as Saudi funding dries up, mass layoffs loom

The controversial LIV Golf league is reportedly on the brink of collapse as its primary financial backer, Saudi Arabia's Public Investment Fund (PIF), withdraws its substantial funding.

Sources indicate that the league is preparing for significant layoffs, with the majority of its staff set to lose their jobs by September 1. A spokesperson for LIV Golf confirmed that the "funding commitment" announced earlier in the year is ending, leading to a scaling down of operations.

Since its inception in 2022, PIF reportedly invested over six billion dollars into the league, attracting top golfers with lucrative contracts. However, with the funding now ending, LIV Golf is exploring a "LIV 2.0" strategy, which includes a potential restructuring into a smaller league with ten tournaments in 2027, where players would receive ownership stakes.

Despite a letter of intent signed by BC Partners to become a main investor, the league's survival may hinge on bankruptcy proceedings or drastic restructuring. Furthermore, LIV Golf faces legal challenges, with two digital media partners suing for unpaid bills exceeding one million dollars each. Securing commitments from star players like Dustin Johnson and Jon Rahm by early autumn is crucial for the league's future, especially as the PGA Tour has indicated no plans to welcome back LIV players.