LIV Golf Faces Massive 90 Per Cent Workforce Reductions as PIF Funding Concludes

LIV Golf announced that approximately 90 per cent of its workforce will be laid off following the conclusion of the Saudi Arabian Public Investment Fund’s financial backing.

Around 300 personnel across New York and London offices are affected, with executives and a skeleton crew retained as chief executive Scott O’Neil scrambles to secure between USD250 (AUD348 million) million and USD300 million (AUD417 million) to launch a scaled-back “LIV 2.0” in 2027.

In an official statement, the organisation addressed the transition.

“The funding commitment announced by PIF earlier this year will reach its conclusion.”

“As a result, we are scaling back operations as we transition to the next chapter of LIV Golf and work toward making LIV 2.0 a reality.

“This week, we informed many of our colleagues that their employment under LIV 1.0 will end in the first week of September.

“We are grateful to our employees for their hard work and dedication in building LIV Golf, and we remain committed to supporting those affected through this transition.”

Despite the corporate restructuring, player optimism persists within select quarters. Speaking at the British Masters, golfer Tyrrell Hatton expressed confidence regarding the competition’s survival.

“I would expect there to be LIV next season, I know they have worked really hard to getting funding stuff in place – So I know it’s full steam ahead on that front,” Hatton said.

O’Neil has established a strict September deadline to finalise funding, with London-based private equity firm BC Partners understood to be the lead investor reviewing a signed term sheet. However, with bankruptcy not officially ruled out, vendors, contractors, and star players, including Jon Rahm, who reportedly awaits a nine-figure portion of his initial USD300 million (AUD417 million) signing fee, remain exposed.

Under the proposed LIV 2.0 model, operations are expected to contract dramatically, featuring a reduced 10-event schedule and prize purses slashed to between USD6 million (AUD8 million) and USD10 million (AUD13 million).

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