LIV Golf, the breakaway league long buoyed by Saudi Arabia's Public Investment Fund, is now shopping for new backers. Axios reports that the league will seek between $150 million and $250 million from outside investors, hoping to flip a financial model better known for its losses than its product.
Saudi PIF launched LIV in 2022 as a rival to the PGA Tour, an effort critics called sports-washing. The fund still owns nearly all of LIV and roughly 75% of each team, but has recently withdrawn its financial support. The league tried and failed to merge with the PGA Tour.
The fundraising plan will be shared with players including Jon Rahm and Bryson DeChambeau early this week. Ducera Partners is managing the process, and the plan has been reviewed by LIV's two new board members alongside restructuring firm Alix Partners.
Prospective investors will be told the full $250 million could push LIV to profitability within roughly 20 months. If it raises closer to $150 million, the league would instead bet on rising team valuations to sustain operations.
The move underscores LIV's precarious financial state and the limits of sovereign wealth as a long-term backstop. Without a major capital injection or a completed merger with the PGA Tour, its viability remains uncertain.