For years, LIV Golf had a simple plan: throw endless Saudi cash at professional golf until the old system broke. Backed by billions from the Public Investment Fund (PIF), the league completely ignored normal business rules, handing out massive player contracts and $25 million tournament purses without ever needing to make a profit. TV ratings and traditional sponsors didn’t matter because the money felt bottomless. But that free ride is officially over; with the shocking news that the PIF is pulling its funding at the end of the 2026 season, this high-rolling league is suddenly being forced to figure out how to survive in the real world.

According to Axios, LIV Golf is racing to raise up to $250 million from outside investors, using investment bank Ducera Partners to manage the search. Management claims securing the full amount will finally make the league profitable in about 20 months. If they fall short and only raise a backup amount of $150 million, they will have to rely on rising team values and a brand-new media rights deal to survive. It is a massive race against time, as LIV needs to close a deal by early October before its remaining Saudi cash completely runs out.

The Public Investment Fund is estimated to have pumped between $5 and $8 billion into LIV since its 2022 launch. It confirmed it would end financial support after the 2026 season. The decision is tied to the change in strategy that PIF has had, and it no longer has the bandwidth to invest in a loss-making enterprise. Even LIV’s architect and board chairman, Yasir Al-Rumayyan, has already stepped down.

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This Should Be an Easy One, Right?

01/10

On Which Hole Jordan Spieth’s Ball Got Stuck Under a Trashcan?

14th 15th16th 17th

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On the other hand, LIV Golf CEO Scott O’Neil has been very clear about his investor pitch, attempting to project a sense of casual confidence despite the high-stakes reality. “If you ask me where the value of this business is, it’s in the teams,” he said at a press conference ahead of LIV Golf Virginia in May. In fact, before the Saudi Public Investment Fund (PIF) pulled out entirely, the league had already begun exploring minority team investments at massive $300 million valuations, working alongside Citi’s sports advisory group.

Moreover, LIV signed a television and streaming deal with Sony Pictures Networks India for the media side in India, Pakistan, Bangladesh, Sri Lanka, and surrounding markets in April 2026. It makes the investor pitch look better on paper, although many pointed out the irony of a multi-year deal signed by a league that isn’t sure if it will even have games in 2027. Still, having the sport’s most popular player backing them to the core gives them a powerful card to play.

That popular backing comes directly from Bryson DeChambeau, who proactively approached the CEO and investment bank Ducera Partners to join the fundraising meetings himself. As captain of Crushers GC, DeChambeau is deeply invested in the league’s business vision, and O’Neil has been quick to praise his commitment. “He’s winning. He loves team golf. He believes in the vision of LIV,” O’Neil noted, calling him one of the most mission-pure athletes he has ever seen. With the sport’s biggest star acting as a core boardroom ally, LIV is banking heavily on his star power to convince Wall Street capital to buy into the team format.

There is a problem, though, a very big one. The math is simply hard to ignore. LIV racked up roughly $1.4 billion in losses by 2025, and O’Neil admitted earlier this year that it could take a decade just to break even.

If the funding falls short, there is always the option of bridge financing, but this only puts off the larger question. LIV still has events, talent, and a broadcast footprint. Whether that will be sufficient to write a check for $250 million is now up to the market.

With that kind of financial baggage, the ultimate question remains: will top pros actually stick around or sign new contracts given such a shaky financial future?

Players Looking for an Exit: Has LIV Already Lost Its Leverage?

The immediate fallout suggests the league’s hold on its biggest stars is already slipping. The most telling crack in the armor came from Jon Rahm, who quietly paid off his massive backlog of fines to the DP World Tour, ending a bitter, months-long standoff after repeatedly vowing he would never give in. “We were able to reach an agreement,” he said. “There were some concessions on both sides. I offered some, and they extended an olive branch. Obviously, we’ve reached an agreement. That will not be a stress anymore.”

By capitulating to secure his Ryder Cup eligibility, Rahm signaled a desperate need for a European Tour safety net. He isn’t the only captain looking over the fence, either.

Ahead of the PGA Championship at Aronimink, Torque GC captain Joaquin Niemann openly admitted that he would be more than happy to return and compete on the PGA Tour full-time if the opportunity presented itself.

This reveals a major problem in LIV’s strategy: while Scott O’Neil and Bryson DeChambeau try to convince investors that the league’s value is in its teams, the players who lead those teams are already looking for an exit. If its biggest names continue planning futures outside of LIV, investors will quickly realize they are buying into a product with no long-term security. Ultimately, LIV Golf faces a grim reality: even if they secure a deal before the October deadline, if the top players keep looking for a way out, there might not be a league left to save.