LIV Golf begins laying off employees while downsizing to restructure without Saudi funding
Summary
LIV Golf is laying off employees and reducing its size because it is losing financial support from the Public Investment Fund of Saudi Arabia. The league is working to restructure with a new lead investor and hopes to continue as LIV 2.0 next year.Key Facts
- LIV Golf will end many employees’ jobs in early September as it downscales after Saudi funding stops.
- The league finished its fifth season early, without some planned events.
- LIV Golf was funded by Saudi Arabia’s Public Investment Fund until recently.
- CEO Scott O’Neil has a deal in progress with a new lead investor, possibly BC Partners.
- Some laid-off employees might be rehired depending on the new league’s setup.
- The future of star players like Jon Rahm and Bryson DeChambeau is still uncertain.
- LIV Golf faces lawsuits over unpaid vendor bills.
- Bankruptcy is a possible option in the upcoming restructuring process.
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