LIV Golf Lays Off Majority of Staff as It Charts 2.0 Version
Yahoo Sports • • sports
Key Points:
- LIV Golf has informed most of its U.S. and U.K. employees that their employment will end in early September, following a WARN Act notice issued last month amid financial struggles.
- The Saudi Public Investment Fund withdrew its $5 billion support over five years, prompting LIV Golf to scale back operations and pursue a new phase called LIV 2.0.
- LIV Golf signed a term sheet with an unnamed investor, reportedly the credit arm of BC Partners, aiming to secure $250-$350 million in funding to continue beyond 2026 with a reduced 10-event schedule.
- Despite cancellations of major tournaments, including a $40 million season finale in Michigan, LIV Golf claims it has doubled revenue from 2024 to 2025 and expects significant growth this year.
- CEO Scott O'Neil expressed optimism about the new investor and aims to finalize funding by September, with plans to reach profitability within three years under the new business model.
