Executives hit the market with LIV Golf 2.0 last week, framing it as “built by the players, for the players.” It has an emphasis on player ownership, an increased schedule utilising national opens, but reduced purses.
The schedule consists of 10 team events, and 8-10 national opens, with 5 “team majors” and 5 “team signature events”. The “majors” are to be played on 5 continents in line with the most successful events: Australia, South Africa, UK, Hong Kong and Mexico. And the signature events are to be hosted predominantly in the US, around the 4 major championships.
The purse sizes is fluid and dependent on the new investors. From an extensive amount of sourcing, I expect them to be $15 million for 5 events and $10 million for the rest. With a potential weighting that distributes more money at the top of the leaderboard.
A well placed LIV Golf source said:
“We are very confident future purses will be above DP World Tour levels and player take home will be in line with the PGA Tour.”
From sourcing within player ranks, the purse sizes are, obviously, one of the most important factors impacting their commitment. Several players suggested to me if the purses fall in line with the DP World Tour they probably wouldn’t stay. But at $10-$15 million it’s a different proposition. More clarity is needed though on both LIV Golf’s future and the new structure of the PGA Tour to get a better picture.
I’ve spoken directly to at least a dozen players who told me they are fully committed to LIV Golf, and if it exists, they will be there. Bryson DeChambeau is leading that charge and it’s understating it to say he’s committed. He desperately wants LIV Golf to succeed and to build a global golf league that’s built for the 21st century. He’s thinking long term and his enthusiasm is truly infectious.
But a big question is what will Jon Rahm do? It’s difficult to get any real feel of it as he didn’t do media outside press conferences. But he did answer my question on whether he was taking a similar role to Bryson in trying to secure investment and he replied, “I am not, no.” The full quote is on my timeline.
I was told, however, that Jon had encouraged other players to avoid reading the media because of the amount of misinformation. There was also a Legion XIII hospitality area, where the GM, Jeff Koski, was hosting current and potential future partners while offering Imperial Gran Reserva, the Rioja that Jon served at his 2024 Masters Champions Dinner.
The players will be given equity in the league itself or team franchises to encourage them to stay, further committing those taking this option to the success of the league’s future. The majority of the media rights will be returned to the players. Giving them the opportunity to build their own online brands on socials and sign personal partnerships.
The size of the fields is unclear at this stage, but the shotgun start will continue, so the possibility of adding 2 more expansion teams to take the league to 15 franchises (60 players) would likely be top end. I fully expect them to utilise the Asian Tour pathways to fill many of the open spots, especially if players leave. That would help further appease the OWGR concerns and increase the ability to build their own stars. But sources were also confident they could attract established names with potential equity in the league.
Multiple sources indicated that Fox Sports are ready to sign a new deal with LIV Golf as soon as the league is ready. LIV Golf are also working with networks on a potential broadcast model that incorporates TV viewership with YouTube and social media in an attempt to unlock revenue streams across digital IP.
I’ve spent several days going back and forth through notes and transcripts, sourcing information the best I can. I think even in these early stages as they take LIV Golf 2.0 to market this is as fair and accurate of a representation as I can offer.
Let me know your thoughts in the comments 👍
I travelled to Valderrama last week fully expecting to write LIV Golf’s obituary. There were rumours of essential vendors pulling the plug, and from the outside, it appeared as though the uncertainty had escalated to near fatal levels. But when I arrived on pro am day, it was the same as it ever was.
The range was bustling with high profile business leaders anxiously waiting to tackle Valderrama’s challenge. And players were preparing for another $30 million tournament. However, under the surface, it’s still far from “business as usual.”
The fate of LIV Golf was described to me by a senior player as “incredibly simple. We need funding. If we don’t get it, it’s over. If we do, then we get to work on building the future.”
That certainly is a simple way of looking at it. But trying to piece together how a cash strapped sports league can continue when it’s currently owned by a sovereign wealth fund that’s cut the billions of dollars in investment is not that easy.
The future is being described by executives as “LIV Golf 2.0,” and they are fortunate enough that the lavish spending of the previous leadership means they already have a talent pool of stars to draw large crowds around the globe, attracting 6 figure attendances twice this year. They also have the infrastructure and the IP. Now they just need someone to invest.
This leaves a big question. What does the PIF want in return?
Nobody within the league is sure of the answer, but there’s likely just 2 options. The PIF either take pennies on the dollar for selling ownership, or they bankrupt the organisation and risk a high profile PR disaster that comes with voiding so many massive contracts.
It’s difficult to see them risking bankruptcy. Especially when they could have pulled the plug in Mexico City and have committed to showcasing events until the end of the season. So it’s more likely they just walk away, exonerating themselves of the extensive burden to creditors.
This leaves another big question. Who would take on a business that has been haemorrhaging cash every quarter for 4 years?
While on a range walk ahead of the pro am day, I asked this question 2 major players in the business industry. Both of them suggested private equity firms are always looking for opportunities to take on distressed assets they can purchase for virtually nothing. “Someone will see value and believe they can turn it around. They always do. Live sport is hot right now.”
I’m not in private equity, but it’s not too hard to see how a global sports league that’s had billions of dollars poured in from the start would be an attractive proposition if offered for a discounted $250-350 million investment. Especially when one of the biggest stars in the sport, Bryson DeChambeau, is fully committed and leading the charge.
Scott O’Neil, Chris Heck and the other executives were hired to turn the business around and stop the cash burn. They began working on LIV Golf 2.0 during the 2025 off season, but with the PIF pulling funding, that’s now just on a greatly accelerated timeline.
Once LIV Golf Andalucia finishes, the league faces a 7 week break in their schedule where executives will be hitting the market in an attempt to secure investment. They appear bullish on how it will go, but it won’t be an easy task.
With PGA Tour CEO Brian Rolapp set to speak after a board meeting at the Travelers Championship, and several LIV Golf players competing in events on other tours, there is bound to plenty of speculation.
The next 7 weeks are probably going to be the most important in the history of LIV Golf.