Golf-LIV Golf focused on long-term funding solution amid reports of potential bankruptcy plan

May 19 (Reuters) – LIV Golf said on Tuesday it was focused on securing a transaction that would position the organization for the long term, in response to a report that the insurgent circuit was laying the groundwork for a potential U.S. bankruptcy filing as a last resort if it cannot raise new funds.

Saudi Arabia’s Public Investment Fund, which has spent more than $5 billion on LIV Golf since its launch in 2022, said in April that investing in the league no longer fits its investment strategy.

The PIF’s decision to cut LIV Golf’s funding at the end of the 2026 season has left the breakaway circuit scrambling for new backers and raised questions about the future of big players on lucrative contracts.

A Bloomberg News report earlier Tuesday said LIV Golf was considering options, including seeking new investors, but was also preparing for the league’s possible collapse after the season ends in August.

When asked about the report, a spokesperson for LIV Golf declined to confirm it, saying the league is focused on building a sustainable future and is exploring multiple avenues.

“Leadership is focused on identifying the right long-term strategic partners who believe in our mission to grow the game of golf around the world,” the spokesman told Reuters. “These discussions are just beginning, and as they progress, the company expects to gain greater clarity on the nature and timing of a potential transaction.”

LIV Golf CEO Scott O’Neil told reporters at his first news conference since announcing it was pulling funding from PIF two weeks ago that he had heard from several potential investors.

“It was a split between private equity, family office, and then traditional high net worth; you probably know who they are, who the guys are that invest in sports and sports teams. So that’s been a real positive,” O’Neil said.

“It’s early days. We haven’t gone to market yet. We haven’t finalized our business plan. We’re still picking and prodding. We’re being judicious at this point… we know where we’re going and we’re just going to tighten the screws.”

LIV has previously said it has seen a 100% year-on-year increase in revenue this season and believes its team golf model will be very attractive to investors.

Thanks to big-money contracts and lucrative purses, LIV has managed to lure golf’s biggest names from the PGA Tour, including Bryson DeChambeau, Jon Rahm, Phil Mickelson, Dustin Johnson, Brooks Koepka and Patrick Reed.

LIV Golf was launched in 2022 with support from PIF, with critics denouncing it as a tool to boost the country’s reputation in the face of criticism of its human rights record.

The Saudi government denies accusations of human rights violations.

(Reporting by Frank PIngue in Toronto and Carlos Méndez in Mexico City; Editing by Shailesh Kuber, Clare Fallon and Shri Navaratnam)