LIV Golf is pulling out all the stops to stay afloat. The embattled league is now turning to one of America’s most powerful restructuring firms as it scrambles to find new investors before its Saudi funding dries up at the end of 2026.

According to a report by Sky News journalist Mark Kleinman, LIV Golf has hired AlixPartners, a $5 billion New York-based global consulting firm, to draft a new business plan aimed at attracting external investment. Sources close to the league said that LIV is also days away from appointing a leading investment bank to support its fundraising push, with investor talks expected to begin shortly.

In response to the speculation, a LIV Golf spokesperson confirmed the move, stating, “LIV Golf has engaged experienced investors across disciplines to identify and secure a long-term strategic investment partner and guide us through our next phase.”

AlixPartners is not a generic consulting firm. Founded in 1981, it built its name by advising companies in or near bankruptcy and has since become the firm that organizations call when everything is on the line. One of its most cited cases is Kodak. Working with Kodak’s management, AlixPartners shed approximately $3 billion in legacy liabilities and improved the company’s EBITDA by over $300 million between 2012 and 2013, ultimately helping an iconic brand emerge from bankruptcy and relist its shares on the New York Stock Exchange.

LIV’s current predicament stems from rumors of funding withdrawal in mid-April. It forced the Saudi-based league to postpone its New Orleans event originally scheduled for late June, with the state citing the need for LIV to “restructure financially and find additional sources of funding” before it can return. The league’s most recent public financial figures from the UK-registered entity showed losses of $461.8 million in 2024 alone on revenue of just $64.9 million. And it’s not hidden that, since its creation, the company has lost more than $1.1 billion; that figure does not include its U.S. operations, which are privately held and unreported.

Further, hiring an expert like AlixPartners does not guarantee full confidence. Reports suggest AlixPartners’ engagement may extend beyond fundraising to include contingency planning for a potential wind-down or insolvency process in case there are no new investors in the coming months.

The biggest question for weeks has been, “Has LIV lost so much money that no one is willing to invest in it?” It looks like this question is finally being answered. Hiring AlixPartners is the most recent step in a series of actions that collectively clarify LIV Golf’s current position.

What LIV Golf has left and what it does not

Davis and Zinman are now leading LIV’s independent board, with AlixPartners building the business case and days away from being formally appointed. No external party has committed any money yet. What the league is pitching right now is revenue tracking $100 million above last season, with Rolex and HSBC still on board as sponsors, and 10 of its 13 teams projected to turn a profit in 2026. Those are the numbers LIV hopes will attract serious capital.

However, three of LIV’s current event sponsors, Aramco, ROSHN Group, and Maaden, are all Saudi-based, which raises questions about whether they will continue without PIF involvement.

As for the players still in the league, Bryson DeChambeau, Jon Rahm, Cameron Smith, Dustin Johnson, Tyrrell Hatton, and Tommy Fleetwood remain under contract through the end of 2026. DeChambeau finds himself in a difficult position. He has acknowledged the gravity of the situation, but has not backed down.

“There are a lot of moving parts, like any business. It’s a startup, right? And so there are going to be times where we are squeezed and punched. This is one of those moments, but I’m going to do everything in my power to make it work,” he told Flushing It Golf in April.

With fewer than four months before PIF’s funding ends, LIV is running out of time to prove whether any of its investors or strategies add up.