LIV Golf to lay off most staff as it seeks new investors

LIV Golf announced that most of its employees will be let go by the first week of September as the league searches for new investors following the withdrawal of funding from Saudi Arabia's Public Investment Fund (PIF). The league had secured a term sheet with private-equity firm BC Partners, but officials said bankruptcy or major restructuring may be required once the billions of dollars previously provided by the PIF are exhausted.

"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," a LIV Golf spokesperson said.

The spokesperson added that the company will keep a small number of staff during the transition and will support those affected. PIF had invested more than $6 billion since the league's launch in 2022, signing high-profile golfers and staging events with extensive fan experiences. However, the fund announced in April that it would cease its support, prompting LIV to cut two tournaments, reduce on-site amenities, and face lawsuits from two digital-media vendors over unpaid invoices exceeding $1 million each.

Anonymous LIV sources said the league hopes to rehire many employees under a revised "LIV 2.0" model, which would feature a 10-event schedule in 2027 with smaller prize funds and player equity stakes. Securing commitments from star players such as Bryson DeChambeau and Jon Rahm is seen as critical, though the DP World Tour's potential reinstatement of fines for participants in rival events could hinder those efforts. A definitive investment deal is expected to be needed by early fall.