LIV Golf makes its 2026 debut on U.S. soil this week, and while it does so with its future perhaps murkier than ever, the league still is pushing its own momentum with eyes on new investment. Saudi Arabia’s Public Investment Fund last week said that it would pull its backing at the end of 2026, and LIV at the same time announced a new board of directors and an “expanded” strategy as it looks to navigate the post-PIF world.
LIV has its new board and strategy, and now the question is if it can land new investors to forge a path ahead. It will be a tall task. LIV has burned through cash since it began play in the summer of 2022, with most estimates between $5B-$8B overall.
In 2024 alone, its U.K. entity — which operates its international tournaments — lost more than $460M. Additionally, CEO Scott O’Neil said early this year that LIV was 5-10 years away from becoming profitable. Golf sources estimate LIV spends between $45M-$50M to put on each tournament, a similar cost to put on some major championships.
Since LIV’s funding source was first called into question the week of April 13, there have been questions about myriad topics inside the league. Would players stay loyal? LIV postponed its June tournament in New Orleans and said it plans to potentially reschedule it later in the year. There were questions about missing payments.
On the player side, some have been vocal about their support for LIV and its future. But others reportedly have already been reaching out to both the PGA Tour and DP World Tour about possible avenues back should LIV shut down.
After signing a deal with Fox Sports, the league’s TV numbers in the U.S., the world’s largest commercial market, have not cut through. The highest viewership to date for a broadcast window was 484,000 viewers for the final round of LIV’s Miami tournament in the spring of 2025, when it went head-to-head with a weak PGA Tour event and leaderboard.
But while LIV has faced plenty of headwinds, the league also has been able to count some wins since O’Neil took over nearly 18 months ago. LIV executives at the Masters were talking up year-over-year revenue gains — they claimed by an extra $100M this year — and had made public their intent to sell equity stakes in some franchises by the end of this year. The league was in talks with potential media partners as its Fox deal is set to expire at the end of 2026.
LIV has gained momentum with sponsors since O’Neil arrived, signing companies like HSBC, Salesforce, Rolex and more. It signed international TV deals with the likes of DAZN and others, on top of its U.S. deal with Fox. Earlier this year, it gained points from the Official World Golf Ranking, a years-long process that dated back to the league’s infancy.
Though the league has not resonated on television domestically, it has made gains overseas in the attendance department. Its most recent event in South Africa drew more than 100,000 fans over four days, while its tournament in Australia early in the year reportedly drew more than 115,000.
Those positives surely will be among O’Neil’s talking points as he makes pitches to potential new investors.
Maaden LIV Golf Virginia is scheduled to tee off Thursday.