LIV Golf Announces Major Workforce Cuts Ahead of New Investor Partnership

Topline

LIV Golf, the controversial venture initially backed by Saudi Arabia’s sovereign wealth fund, informed its workforce of over 300 employees on Wednesday that the majority will be let go next week as the league seeks to reinvent itself with a new financial partner.

Key Facts

The affected employees, based in the United States and the United Kingdom, are being let go as LIV scales back operations while transitioning to its next phase, a spokesperson said.

After losing its Saudi backing in April, LIV has spent months negotiating with a new lead investor to support a reimagined, smaller version of the tour that CEO Scott O’Neil dubs ‘LIV 2.0.’

In late July, sources informed Forbes that an agreement was near, and earlier this month LIV announced it had signed a term sheet with an undisclosed investor—reported by multiple outlets to be Ted Goldthorpe of BC Partners—to fund the league’s future.

O’Neil noted that the prospective investor has already met with LIV players such as Jon Rahm and Bryson DeChambeau, describing him as a ‘visionary, charismatic, driven, well‑connected leader, investor, and businessman.’

Nevertheless, LIV’s future remains uncertain; Forbes reported in July that sources view bankruptcy as a plausible path to restructure the league’s debt, potentially voiding costly player contracts and reshaping the organization.

BIG NUMBER

Saudi Arabia’s Public Investment Fund has contributed roughly $5 billion to LIV Golf since its launch in 2022 through April. During that same span, the league recorded losses exceeding $1 billion.

WHAT WE DON’T KNOW

It remains unclear which players will remain with LIV. While athletes such as Bryson DeChambeau and Brendan Steele have shown steadfast loyalty, others have voiced skepticism or have already departed. Brooks Koepka left the league before the season began, and reports indicate a growing divide between LIV and Jon Rahm.

Key background

LIV burst onto the golf scene four years ago, immediately drawing criticism from institutions and commentators for accepting Saudi Arabian funding, which detractors claimed was an attempt to use the kingdom’s wealth to gain entry into a prestigious American sport and boost its global image. The PGA Tour swiftly declared LIV an adversary, suspending players who took part in its events and igniting a heated battle over the sport’s direction. Leveraging its substantial financial resources, LIV lured high‑profile stars such as Jon Rahm, Phil Mickelson and Brooks Koepka away from the PGA Tour with lucrative offers—reportedly $300 million for Rahm, $200 million for Mickelson and $100 million for Koepka. Although the league has cultivated a genuine international following—ticket sales have risen 129 percent year‑over‑year—its U.S. television audience remains elusive and cash reserves have dwindled. The envisioned LIV 2.0 would be a leaner circuit featuring five team majors spread across five continents, plus five U.S.–based team signature events annually. It would also add eight to ten “National Opens,” individual competitions designed to help players earn Official World Golf Ranking points for major‑tournament eligibility. By contrast, LIV 1.0 mainly offered about a dozen dual‑format events each year, blending individual and team play, along with a single LIV Golf Team Championship.

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