Scoop: How LIV Golf plans to stay alive
Summary
LIV Golf, a new professional golf league funded mostly by Saudi Arabia's Public Investment Fund (PIF), plans to raise up to $250 million from new investors after losing support from PIF. The league aims to become profitable within about 20 months and reduce its reliance on Saudi funding by seeking private investment.Key Facts
- LIV Golf was started in 2022, mainly financed by Saudi Arabia's PIF, which owns most of the league and teams.
- The league tried but failed to merge with the established PGA Tour.
- LIV Golf is now asking investors for up to $250 million to continue operating.
- Investors could provide less money, about $150 million, while relying on rising team values and media deals.
- The league’s fundraising plan has been reviewed by new board members and a restructuring firm.
- LIV Golf faces a deadline to secure investment by early October or may need short-term financing.
- Potential investors include private equity firms, wealthy individuals, and family offices.
- Saudi Arabia’s initial backing was both to diversify its economy and improve its image, but it also discouraged some sponsors and fans.
- LIV Golf hopes to succeed based on its own value without heavy Saudi involvement.
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