After months of deliberation about the future of LIV Golf, the league has apparently solved part of its dilemma. It has a new “lead” investor lined up, according to a statement from LIV CEO Scott O’Neil, who was set to meet with reporters Wednesday morning at LIV’s event in New Jersey.
According to O’Neil, an agreement is in place with the unnamed investor and comes alongside “strong interest” from various parties for potential minority investments. The deal has been approved by LIV’s board and is expected to reach final terms next month. No financial terms were announced by the league, though the announcement comes just days after reports that LIV was closing in on a $250 million investment.
A key component of the investment, O’Neil says, is financing LIV’s operations into 2027. The new agreement will also make key players of the league “majority equity owners.” What that all looks like remains to be seen, but the result is a new vision the league is calling LIV 2.0.
The series will be fundamentally scaled back and altered, from 14 events down to 10. Half of those events will be based internationally and called “Team Majors,” while the other half will be predominantly based in America and aligned with the weeks directly prior to major championships. The league has seen plenty of success with its international events, much less so in the United States.
The amount of money on offer will also change. The expectation is that LIV’s $30 million purses will shrink to less than $20 million, and perhaps even beneath $15 million as it looks to streamline its available capital entering its next season.
LIV’s pursuit of investment has been a simmering storyline in pro golf for nearly four months, ever since the Saudi PIF declared it would stop funding the league beyond its 2026 season. The PIF invested more than $6 billion to launch the league with lavish events and bigger purses than anywhere else in golf. Without Saudi backing, the league has had a rockier go of it lately, with reports that its team event in Michigan — scheduled for two weeks from now — will not be held. Its previously scheduled event in New Orleans was cancelled and is not expected to rejoin the schedule. It has been sued by a vendor for failing to make payments as contracted, while also being sued by other brands for trademark infringement.
Now comes a new chapter for the league. The length and financial viability of that chapter remain to be seen.
This article originated on Golf.com
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