LIV Golf seeks to raise up to $350 million from investors
CNBC • • sports
Key Points:
- LIV Golf is preparing to seek $250 million to $350 million in new funding to continue operations beyond the current season, with boutique investment bank Ducera Partners managing the capital raise targeting qualified investors.
- This fundraising effort follows Saudi Arabia's Public Investment Fund (PIF) announcement to cease funding LIV after the 2026 season, with PIF Chairman Yasir Al-Rumayyan stepping down as LIV chairman.
- LIV aims to restructure ownership to include new investors, players, and management, while facing challenges due to the loss of PIF's multi-billion dollar backing and significant player contract obligations.
- The league is exploring bankruptcy as a possible strategy to reset business operations and achieve profitability, amid uncertainty among players about their futures and ongoing efforts to promote team golf as a growth driver.
- LIV's proposed next season includes 10 global team events and growth in sponsorships, ticket sales, and viewership, while media attention remains high due to the ongoing rivalry with the PGA Tour, which is expected to provide operational updates soon.