LIV Golf to dismiss 90 per cent of workforce as funding ends
LIV Golf is preparing to dismiss around 90 per cent of its workforce after funding from Saudi Arabia’s Public Investment Fund came to an end, reports BritPanorama.
Approximately 300 individuals are currently employed across the breakaway circuit’s offices in London and New York, but the majority have reportedly received notice of termination effective next week. Staff were informed of the sweeping cuts during a brief meeting on Monday, having already been issued 30-day termination notices earlier this month. The scale of the redundancies has taken many employees by surprise.
Despite the substantial job losses, senior executives are expected to remain with a skeleton crew, potentially consisting of only a few employees in each department. The remaining staff will be tasked with helping LIV navigate a challenging transition period as plans for a streamlined version of the competition, dubbed “LIV 2.0”, continue to evolve.
A LIV Golf statement confirmed that 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,” the statement read.
Chief executive Scott O’Neil is reportedly attempting to secure between $250 million and $300 million (£185 million and £222 million) in new investment before a September deadline. This funding is considered essential to launch the proposed new model in 2027. Last month, O’Neil revealed that a lead investor had signed a “term sheet”, and while BC Partners, a London-based investment firm, is understood to be involved, no formal agreement has been confirmed.
The possibility of bankruptcy has not been ruled out if the required funding is not secured. Reports indicate that several vendors and contractors are still owed significant amounts, with some lower-paid contractors awaiting expense reimbursements dating back several months. Adding to the financial strain, golfer Jon Rahm is reportedly still waiting for a nine-figure portion of the reported $300 million signing fee agreed upon when he joined LIV in 2023.
Departing employees have been informed that there could be opportunities to return should LIV 2.0 materialise; however, any relaunched competition is anticipated to operate at a markedly smaller scale. O’Neil has previously indicated that the restructured organisation would be more compact and efficient, with reports suggesting its tournament calendar could be reduced to just 10 events.
Prize funds are also expected to drop significantly, estimated at between $6 million and $10 million per event, approximately a third of the sums offered during LIV’s initial seasons. Several high-profile players are likely to depart, and Rahm’s future remains uncertain, though his team-mate Tyrrell Hatton expressed confidence that the competition will persist. “I would expect there to be LIV next season,” Hatton stated during the British Masters, adding that efforts to secure funding are intensifying.
As LIV Golf approaches this critical juncture, the uncertainty of its future leaves the golfing world on edge. The coming months will be pivotal in determining whether it can navigate these challenges and redefine its role in the sport.
