Will LIV Golf survive its massive financial crisis? | D'Angelo

A Founder's Lament

Greg Norman, the founder and former CEO of LIV Golf, has said he would rather see the rebel tour scrapped altogether than continue in a diminished form. In an interview with golf outlet Skratch, published as LIV wrapped its 2026 finale in Indiana, Norman reflected on the league's decline with visible emotion.

"We were a family. We were united by the feeling that we were doing something new and exciting for the game of golf. It took an unbelievable amount of effort, and there were constant headwinds, but we did it because we believed in the vision," Norman said, as quoted by multiple outlets. "I am sad, disappointed, and gutted, to be honest. I hate it to see it wither away. I would rather just see it end."

Norman, who launched LIV Golf in 2022 with big-money signings and controversy, was replaced as CEO by Scott O'Neil in early 2025. His comments mark a stark contrast to the bombast with which he announced the league, promising to create "generational wealth" for players.

The Financial Crunch

The tour's future is in serious doubt after Saudi Arabia's Public Investment Fund (PIF) withdrew its backing earlier this year, having already spent $5bn (£3.6 billion) on rivalling the PGA Tour. According to reporting by Alan Shipnuck of Skratch, the PIF had pledged in February to fund the tour to 2032. Weeks later, tensions escalated between the United States and Iran, disrupting production and exports. By mid-April, the PIF issued a new five-year plan prioritizing domestic spending and delivered a blunt message to LIV CEO Scott O'Neil to stop spending and that no more money is coming.

The effects have been sharply visible. LIV had to cancel its marquee $40 million season-ending team championship in Michigan, and its event outside New Orleans scheduled for late June was also cancelled. The league concluded its abbreviated 2026 season Sunday in Indianapolis, where prize money was cut in half.

A Potential Lifeline

According to CEO Scott O'Neil, a potential lifeline has emerged for LIV Golf, as he disclosed interest from unnamed investors. Reports have since speculated that BC Partners, a private equity firm, is behind it. Ted Goldthorpe, head of BC Partners, is reportedly the prospective lead investor who has agreed a term sheet with LIV, and players received a presentation from Goldthorpe on a vision for "LIV 2.0" last week in Indianapolis.

O'Neil announced an agreement was in place with a lead investor, along with interest from more than a dozen minority investors. New investment is reported to be between $250 and $350 million. However, the financing is conditional on how many top players agree to stay with LIV for 2027 and beyond. O'Neil acknowledged a "very compressed timeline" to finalize a deal, but said "we're well on our way to a transaction" and expressed excitement about the future. He also stated, "Without the players, that becomes very difficult," while expressing confidence in having "a critical mass of the right players."

O'Neil is laying out a future with 10 events, five internationally and five in the U.S. He said about the investment source: "We're fortunate to have a lead with the kind of vision and confidence and relationships to make this a really fun and exciting future for all of us." When asked about bankruptcy, he said, "I don't think we would rule out any option... All our focus is in that direction." Despite the challenges, he insisted, "My confidence level is high because the facts are good. So when the facts are good, it usually leads to a good outcome."

Player Exodus and Unpaid Bills

Several top players are expected to leave the league. Jon Rahm is gone, likely followed by Tyrrell Hatton and Joaquin Niemann. Brooks Koepka returned to the PGA Tour earlier in 2026. Bryson DeChambeau, another marquee name, pledges loyalty to LIV and pleads for investors to keep the league afloat. Phil Mickelson's future is uncertain, with his personal life impacted by scandal.

The league's financial troubles extend beyond player contracts. LIV Golf is facing lawsuits for unpaid bills to vendors and has reportedly been late paying some of its players. According to Front Office Sports, Fresh Tape Media is suing LIV Golf for $1.23 million in missed payments and interest. Several other contractors and vendors have been unpaid and are talking to lawyers. Some LIV golfers have not been paid from the event held Aug. 6-9 at Trump National Golf Club Bedminster, according to the Sports Business Journal. Jon Rahm reportedly is owed up to $150 million from the deal he signed when he joined LIV in 2023.

O'Neil responded to unpaid bills: "What I would say to them is we're doing everything we can to make sure we can do right by them and the work they committed, and I hope we can."

Perspectives from the PGA Tour

Rory McIlroy offered a blunt assessment: "I would argue, have they brought value to LIV? I think the PGA Tour's in a really good spot." Scottie Scheffler acknowledged LIV's talent but emphasized the PGA Tour's depth: "I think when we talk about the best players, LIV has a few players that are really good... I think the depth that we have on our Tour is a bit unmatched, but I think when you look at the higher levels of LIV Golf, there's definitely some players that would provide a lot of value to the Tour, and guys that I love competing against as well."

The league has had success in Australia, South Africa, Saudi Arabia, and South Korea, but its U.S. footprint has been problematic, with two of its five scheduled American stops cancelled this year. Players are now looking to start or restart their careers on the DP World Tour.

As the league stands at a crossroads, the coming weeks will determine whether LIV Golf 2.0 emerges in a scaled-back form or whether the venture that promised to reshape golf fades into history.