LIV Golf Hunts $350 Million as Saudi Funding Exits After This Season

The math was never the secret. Saudi Arabia's Public Investment Fund poured what multiple reports peg at more than five billion dollars into LIV Golf since the circuit's first tournament in June 2022, and the league still hasn't turned a profit. Now the PIF is done, and CEO Scott O'Neil has to go find somebody else's money before the season ends.

According to a pitch deck reviewed by Sportico, LIV is seeking between $250 million and $350 million from outside investors to keep operating beyond 2026. The capital raise is being managed by boutique investment bank Ducera Partners. Under the new business plan, the league is targeting a slimmed-down 10-event annual schedule and projects reaching profitability within three years. A prior projection from O'Neil had put that timeline at ten years. The goalposts move fast when the checkbook closes.

CNBC, which also reviewed investor materials, reported that the PIF's chairman Yasir Al-Rumayyan stepped down from LIV's board when the funding pullback was announced, and a newly installed independent board led by restructuring veterans Gene Davis and Jon Zinman is now running point on the raise. That is not the kind of board composition you put together when things are going well.

Axios reported that LIV needs to close its new investment by early October at the latest while it still has remnant Saudi cash on hand. If the raise falls short, Axios noted the league could seek bridge financing. Bloomberg went further, reporting that LIV has begun evaluating U.S. bankruptcy as a tool for resetting contractual obligations. The league has entities based in the United States, in England and on the island of Jersey, and Bloomberg reported it is considering moving its headquarters to the U.S., where restructuring laws are more favorable.

That last item matters a great deal to the players. The PIF reportedly spent north of $6 billion through the life of its involvement, much of it in guaranteed contracts worth $100 million or more to stars like Jon Rahm, Bryson DeChambeau and Dustin Johnson. Rahm told reporters at the Virginia event earlier this month that he has multiple years left on his deal and doesn't see many ways out. DeChambeau's contract runs through this season. According to Sportico, industry insiders believe he could command between $200 million and $500 million on a new deal -- somewhere, with someone -- once he's free.

Not everyone waited to find out how it ends. Brooks Koepka and Patrick Reed rejoined the PGA Tour in January under a new Returning Member Program that caps some earning opportunities. Rahm, DeChambeau and Cam Smith were extended the same offer and declined. That offer, per Sports Illustrated, was a one-time deal.

On the revenue side, LIV's pitch is not entirely made of vapor. Sportico noted that the tour doubled revenue from 2024 to 2025, holds sponsorship agreements with HSBC, Reebok, Salesforce, Callaway and Rolex, and has media rights deals with Fox and TNT Sports. Two events in 2026 drew more than 100,000 spectators. O'Neil told TNT Sports in April that the league is "funded through the season" and that he has met with 50 potential partners.

The PGA Tour, for its part, is not standing still. According to CNBC, more substantive updates from Tour CEO Brian Rolapp are expected around mid- to late-June. Whatever he says will land against a backdrop of a rival circuit that is either about to restructure or about to fold. Either outcome reshapes professional golf for years.

The Bears also punted this week -- but that's a column for another day.

Sources cited:
- Sportico (https://www.sportico.com/leagues/golf/2026/liv-golf-seeking-350-million-capital-raise-1234901181/)
- CNBC (https://www.cnbc.com/2026/05/21/liv-golf-fundraise-up-to-350-million-post-pif.html)
- Axios (https://www.axios.com/2026/05/18/liv-golf-investment)
- ESPN (https://www.espn.com/golf/story/_/id/48826532/liv-golf-pitch-new-business-model-amid-bankruptcy-report)
- Sports Illustrated (https://www.si.com/golf/how-liv-golf-planning-stay-afloat-attract-investors)