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Sky Sports: Controversial golf league saved by secret investor
🇳🇴 Norway /Sports

Sky Sports: Controversial golf league saved by secret investor

From Aftenposten · () Norwegian

Translated from Norwegian, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • The controversial LIV Golf league has secured new funding from a secret investor, following the withdrawal of support from Saudi Arabia's Public Investment Fund (PIF).
  • As part of a restructuring, players are set to become majority owners of the league, a move described as a historic first for a global sports league.
  • The deal with the new investor is expected to be finalized in September, with LIV Golf CEO Scott O'Neil expressing optimism about the league's future and potential minority investors.

The LIV Golf league, previously facing uncertainty after Saudi Arabia's Public Investment Fund (PIF) withdrew its financial backing, has reportedly secured a new major investor. This development comes after the PIF announced in April that it would cease funding the controversial golf circuit after the current season.

According to Sky Sports, the agreement with the unnamed investor is slated for finalization in September. A significant aspect of the league's restructuring involves players becoming majority owners, a move LIV Golf describes as unprecedented for a global sports league. LIV CEO Scott O’Neil stated that the investor has signed a deal approved by the board, and expressed enthusiasm for bringing in other minority investors.

LIV Golf has a deal in place with a main investor, signed by the investor and approved by the board.

— Scott O’NeilConfirming the existence of a deal with a new investor.

This new financial infusion could be crucial for retaining top golf stars like Bryson DeChambeau and Jon Rahm, whose contracts are up for renewal. DeChambeau is reportedly seeking a new deal worth approximately $500 million. Several prominent players, including Brooks Koepka, Patrick Reed, and Henrik Stenson, have already departed LIV Golf, with others leaving following the PIF's decision in April.

The league's season structure is planned around ten annual team tournaments, including five global "Team Majors" held on various continents. The identity of the new investor remains undisclosed, adding an element of mystery to LIV Golf's path forward.

I would very much like them to join the journey, because they mean perhaps more than anyone else in sports. Our next chapter will make the players majority owners in LIV Golf.

— Scott O’NeilExpressing his desire to include minority investors and highlighting the player ownership model.
DistantNews Editorial

Originally published by Aftenposten in Norwegian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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