GOLF: LIV Golf focused on long-term funding solution amid reports of potential bankruptcy plan

LIV Golf said Tuesday it remains focused on securing a long-term financial solution after reports surfaced that the Saudi-backed breakaway circuit has begun preparing for a potential U.S. bankruptcy filing if it fails to secure new funding.

The league responded to a Bloomberg News report stating that LIV Golf is exploring several options, including attracting new investors, while also preparing for the possibility of shutting down after the 2026 season concludes in August.

A spokesperson for LIV Golf declined to confirm the report but said the organization remains committed to building a sustainable future for the league.

“Leadership is focused on identifying the right long-term strategic partners who believe in our mission to grow the game of golf worldwide,” the spokesperson told Reuters. “These conversations are just getting underway, and as they progress, the company expects to gain further clarity around the structure and timing of a potential transaction.”

The uncertainty comes after Saudi Arabia’s Public Investment Fund (PIF), which has invested more than $5 billion into LIV Golf since its launch in 2022, announced in April that continued funding of the league no longer aligned with its investment strategy.

The PIF’s decision to stop funding LIV Golf after the 2026 season has forced the organization to seek alternative financial backing and raised concerns about the future of its roster of star players signed to lucrative contracts.

LIV Golf CEO Scott O’Neil said earlier this month that the league has already received interest from various potential investors.

“It was a split between private equity, family office and then your traditional high-net-worth investors — the people who invest in sports and sports teams,” O’Neil said during a press conference. “That’s been really positive.”

O’Neil added that discussions remain in the early stages as the league continues refining its long-term business strategy.

“We haven’t gotten to market yet. We haven’t finalized our business plan. We’re still picking and prodding,” he said. “We have a good sense at this point. We know where we’re going, and we’re just going to tighten the screws.”

LIV Golf has previously said it achieved a 100% year-on-year increase in revenue this season and remains confident that its team-based golf format will attract investors.

Since launching in 2022, LIV Golf has signed several high-profile players away from the PGA Tour through massive contracts and prize purses, including Bryson DeChambeau, Jon Rahm, Phil Mickelson, Dustin Johnson, Brooks Koepka and Patrick Reed.

The league has also faced criticism from human rights groups and critics who argue that Saudi Arabia is using sports investments to improve its global image despite concerns over its human rights record. The Saudi government has denied allegations of human rights abuses. -Reporting by Frank PIngue in Toronto and Carlos Méndez in Mexico City; Editing by Shailesh Kuber, Clare Fallon and Shri Navaratnam/Reuters