LIV Golf CEO Scott O’Neil was interviewed on CNBC by Scott Wapner earlier. He said he’s had 5 formal meetings, under NDA, with investors, and 18 more this week, with a “positive” response. He also put an emphasis on the short timeline and said they may break up the $300 million investment into smaller $50 million chunks, where they’ve had an expression of interest.
He was then asked about speculation the PIF may pull the funding before the end of the season, and Scott O’Neil said:
“Well, I can say they've been terrific partners so far. And you have to take an incredible organization like PIF at their word. And they've been very public about funding us through the season.”
When Scott Wapner followed up asking directly if he can guarantee the 2026 schedule will be completed, he said:
“What I can guarantee is a heck of a return if you come invest in this business.”
LIV Golf has burned cash every quarter since its launch. He was asked how he can convince investors they’re not throwing “good money after bad”:
“You know, I think it starts with the billions and billions of dollars that have been built to create the foundation of this program, to build a brand this strong, to assemble this kind of star power, and to be a truly global league. I mean, this is a sports league that plays the most important sport in the world on five continents. There just aren't that many opportunities like that. Now, the question is, will the business be different than it was over the last five years? I can say dramatically — this will be a very disciplined approach.
“We are cutting the expense side dramatically and the revenue momentum that we've had — you know, my first year in '25, we've doubled revenue. We're already up $100 million over last year in '26. So we have really good business momentum. This is about getting the costs under control, re-imagining what the business could, should, and will look like, and then engaging our players as partners — like true equity partners in this business.”
Scott then went into detail about how committed Bryson DeChambeau is and how he has actually been part of creating the business plan. (I have this confirmed by Bryson). And then spoke about Jon Rahm and said they go back and forth via text message quite a few times:
“I know it's hard for others in the golf industry to understand, but this is a group that is committed to their teams. They're committed to the league and they're committed to this program. Re-imagining team golf, truly growing the game around the world and making an impact. It's a younger audience. It's a much more diverse audience, and we take things that are tried and true in every other sport — music, fashion, art, food — and we merge that with golf to create what I think is the best experience in sports.”
Finally, he was asked what would happen to the big money contracts if the league were to fold:
“Well, I think we'd all be in the same boat at that point. And that's why we're so locked in — 100% focused on getting it to a transaction. And yes, we understand there's a time constraint, but what a special time in the world to be able to get into the world's most important sport, a global sport, and to come in at a ground level at a great price with an incredible return ahead. So that's where we're locked in, and that's our focus.”
I have intentionally not added much editorialising to allow the reader to make up their own mind.
I will say this though, the next 7 weeks are the most important in the history of LIV Golf and they will likely decide the fate of the league.
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 👍