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2025 wasn’t LIV Golf’s best year. Greg Norman left. Poor-looking financial reports were released. There was no standout LIV golfer at the majors, unlike the last 2 years, where we saw them lifting trophies. So, can we say LIV Golf isn’t actually celebrating domination; rather, it’s facing an existential crisis? Maybe. Golf Insider Rex Hoggard recently delivered a brutal reality check of LIV.

Golf Channel host Ryan Lavner revealed LIV Golf is the year’s fifth-largest storyline and asked Hoggard about the league’s future, and Hoggard answered candidly.

“I would start with the idea that it’s number five. In the last three or four years, if we were doing this in December, it probably would have been two at the lowest, or one. I’m guessing in 2022 and 2023, when this was at its height,” said Hoggard. “So, I think the fact that it slipped to fifth is sort of indicative of where we are in the game of golf right now. It’s still background noise, still distracting, still there, and not going away. But there are other things, as this list indicates, at least four other things that are more important than this.”

The last two seasons weren’t as challenging for LIV. In 2023, Brooks Koepka won a major and became one of the standout players for Team US in Rome.  Last year, Bryson DeChambeau was one of the most significant performers at the majors, winning his second US Open. This year, we did not see any major LIV success story emerge, or maybe one can say that LIV Golf’s novelty has officially worn off, and fans have found other things to care about.

LIV finally surrendered its biggest differentiator to gain traction. They will shift to 72 holes starting in 2026, a desperate move to secure world ranking points and make access to majors easier for golfers. Still, the reality of recruitment doesn’t match the original dream. They surely didn’t plan on just landing Victor Perez and Laurie Canter after their fourth year. Perez and Canter are no doubt great players, both with PGA Tour Cards, but they are not enough.

And does adding 18 holes actually fix the problem, and will the league gain its footing in the United States? Hoggard remains skeptical.

“It doesn’t seem to resonate in the United States,” he observed. They still lack the traction a four-year-old startup needs. “It’s hard to see,” a path to profitability, Hoggard concluded.

Without American eyeballs, the business model will remain broken. But these changes represent a great evolution from last year, when the league officially withdrew its OWGR application under former CEO Greg Norman. This shows that LIV isn’t done just yet and has things to show in the future.

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So, is the game between the PGA Tour and LIV Golf officially over?

LIV Golf is pivoting to a new strategy involving youth and is now targeting the sport’s future stars. They signed talents like Tom McKibbin and U.S. Amateur Champ Jose Luis Ballester. This move cuts off the PGA Tour’s supply chain. They are now betting on potential rather than buying the expensive past. Now they will nurture their own stars.

They are also utilizing international pathways to stay afloat. LIV heavily invests in the Asian Tour’s International Series. This creates a direct feeder system that bypasses the American establishment and continues raiding the DP World Tour for “middle-class” pros, too. It keeps the league operationally viable outside the United States.

And their biggest safety net remains a bottomless pit of cash. The Public Investment Fund continues pouring billions into the venture as reports show international losses exceeded $1.1 billion since 2022, and the 2024 filing alone showed a $461.8 million loss. That burn rate would bankrupt any traditional sports league instantly, but the PIF provided a “Letter of Support” guaranteeing the bills get paid. This financial armor allows them to weather any viewership disaster.

But even the deepest pockets have a bottom eventually. That $1.1 billion loss is a big amount for a “number five” storyline. The PIF is refocusing on domestic projects under Vision 2030, and the cash injections were reportedly reduced in 2025. So, the patience for a money-losing asset abroad may soon wane, and the heavy pressure Hoggard mentioned is ultimately financial and political.

How things go for LIV in the 2026 season, starting from Riyadh in February, remains to be seen!