LIV Golf's deepening financial crisis could force the cancellation of some events remaining in this year's season, the Financial Times (FT) reported Wednesday.
The FT reported that Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), had pledged to provide $600 million (about 912.4 billion won) for this season, but has so far delivered only about a third of that amount, roughly $200 million (304 billion won). The newspaper said LIV Golf needs additional funding to cover prize money for the four remaining events this season and contract payments to players.
The problem is that even senior LIV Golf officials and advisers are uncertain whether the PIF will disburse the full balance of its pledged support. The FT reported that LIV Golf insiders expressed concerns that some of the remaining events this season may not be held.
LIV Golf launched in 2022 with backing from the PIF. The fund has invested more than $5 billion (7.6 trillion won) over the past four years, but in April said it would halt funding starting next year.
With the PIF failing to fully disburse even the $600 million it had pledged for this year, LIV Golf's financial instability has grown further. The organization is reportedly cutting costs, including reducing employee travel expenses and broadcast production costs.
LIV Golf has four events ahead: a UK event next month, and events in New York, Indianapolis, and Michigan in the United States in August. A New Orleans event in the United States that had been scheduled for this month was postponed indefinitely.
In a recent interview with CNBC, LIV Golf CEO Scott O'Neil said of the PIF, "They have publicly stated their position to provide support through this season." But he gave no clear answer when asked whether all remaining events this season could be held as scheduled.
