LIV Golf is actively seeking new investors after Saudi Arabia's Public Investment Fund (PIF) ceased its financial support for the golf league. The league has appointed a new board, led by turnaround consultants Gene Davis and Jon Zinman, and is engaging with prospective global investors to ensure its continuation. This comes after the PIF, which had largely funded LIV with significant spending sprees and blockbuster player contracts, pulled its backing.
To aid in this transition, LIV Golf has retained legal firm Gibson Dunn & Crutcher and investment bank Ducera Partners to guide its efforts in securing long-term investment partners. They are also working with business advisory firm AlixPartners. LIV Golf CEO Scott O'Neil has stated the league is looking to raise $300 million and create a unique structure, hinting at a new investor who has already signed a term sheet approved by the board.
Despite the positive news of a lead investor, the league has been laying the groundwork for a potential US bankruptcy filing should it fail to secure sufficient new funds. The league also plans to shrink its operations, reducing the number of annual events from 14 to 10, comprising five team and five individual events. This reduction aims to offer greater flexibility for players, who will only be contracted for these 10 events and can compete in other leagues.
