LIV Golf CEO Scott O’Neil addressed rumors about the league's potential collapse and funding issues from Saudi Arabia's PIF. He dismissed claims of the league folding and emphasized its ongoing support from investors.
Key points
LIV Golf CEO Scott O’Neil addressed league rumors
Claims of potential folding and funding withdrawal
LIV Golf started in 2022
Notable players include Bryson DeChambeau and Phil Mickelson
Ongoing support from Saudi investors
Mentioned in this story
LIV GolfScott O’NeilBryson DeChambeauPhil MickelsonJon RahmSaudi Arabia's PIF
Photo by Hector Vivas/Getty Images
Photo by Hector Vivas/Getty Images
LIV Golf CEO Scott O’Neil came out fighting in response to claims that the league could soon fold, or at the very least, lose funding from Saudi Arabia’s PIF.
Rumors began circulating on Tuesday that the LIV Golf league was set to fold with their Saudi backers considering the prospect of backing out of funding the project.
LIV Golf began in 2022, with many of the biggest stars jumping ship from the PGA Tour to join them, including the likes of Bryson DeChambeau, Phil Mickelson and one year later, Jon Rahm.
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O’Neil sat down for an interview with LIV commentator, Arlo White, during the event in Mexico on Thursday, and responded when asked about the claims that LIV Golf could be about to fold.
“You know, having been in private equity now for over a dozen years, this is the process you go through, and sometimes it’s not smooth, and sometimes it’s not easy,“ O’Neil said.
*“*But I can tell you, given the momentum of this business, we’re really excited about where we are and the position where we are.
*“*This notion of secret meetings, and, you know, getting summoned to New York.
*“*I live in New York, so it’s easy to summon myself there.
*“*But, you know, it’s a lot of reaching and grabbing for headlines and clickbait and stories.
*“*For us, it’s like, we’re business as usual, but if you want to ask me if this business is tough, I would say, ‘absolutely’.
*“*If you ask me that if we were managed very, very tightly, I would say, ‘absolutely’. Can this be challenging? ‘Absolutely’.
Photo by Patrick McDermott/Getty Images
Photo by Patrick McDermott/Getty Images
“And that’s what we signed up for, not just me. Everyone here that’s with us down in Mexico City, we signed up for this adventure, and it is the ride of a lifetime.“
How Scott O’Neil sees LIV Golf’s future panning out
O’Neil was asked how he sees the future of the LIV Golf league.
“How we go forward is what I’m really excited about,“ he exclaimed.
*“*I talked about some structural changes. They’re coming. You can add just about the 50 people I met in Augusta. I rolled out the plan.
*“*We have one, and it is, it’s gonna, it might surprise some people, but I will tell you, like, this notion of bringing teams to market, I had two calls this morning.
*“*You know, this notion of, do you have to raise money? Probably. Like, this is business.
*“*But if we keep the trajectory going the way we are, and the revenue growth going, this is gonna be a really good business for a really long time.
*“*I love the US market. It’s the number one TV market in the world, period. The number one sponsorship market in the world, period. In golf and in sport.
*“*But long term, do you want to bet on 340 million people or 7.5 billion people? That’s all I’m saying.
*“*That’s the only difference. I’m taking a 7.5 billion-person bet, and that’s something we should be excited about.
“Because golf should be seen around the world with some of the biggest stars in the game, and that’s what we’re doing.“
How Scott O’Neil would sell LIV Golf to the world’s best players
The LIV Golf CEO was asked how he would sell the league to the very best golfers in the world.
“Well, most of them call us, you know, quite frankly,“ O’Neil claimed.
*“*So, the first thing I say, when I’m talking to any player, is, LIV Golf is not for everybody. If you want to spend your time in the U.S, this is the wrong league for you.
*“*If you want your home time, and you don’t like leaving, you like practising at the same course, and you like to manage your own schedule, this is not for you.
Photo by Hector Vivas/Getty Images
Photo by Hector Vivas/Getty Images
*“*But when I tell you, if you want to grow the game of golf around the world, this is for you.
*“*If you love to explore new cultures and new courses and new experiences, this is for you.
*“*If you feel like golf can be lonely sometimes, now this is the toughest, loneliest sport in the world. Boy, there’s nothing like a team after a bad round. To pick you up.
*“*I think we have something special here.
*“*From a business standpoint, we did almost half a billion dollars in sponsorship last year. With big brands, like Rolex and HSBC. These are global, Aramco, global brands.
*“*So I’m, like, thinking we’re in a wonderful position. From a structural standpoint, this business will continue to evolve as it has over the last 12 months.
*“*I mean, the good news for us is, we know how to put on a show. We know how to grow the game.
*“*But will there be a change in how we operate? Of course.
*“*I mean, we are looking to blend a version of LIV and the National Opens, the great National Opens around the world.
*“*We think they’re the most under-appreciated, under-marketed, under-developed assets in golf.
*“*And the reason is, it gets us on the ground to grow the game of golf.
*“*As long as we stay pure to the mission to grow the game of golf around the world, the path becomes really clear.
*“*Here’s what’s really interesting. I would love you to think about this. It’s like, I know there’s some people rooting against LIV Golf. I understand that, okay? But is golf better without LIV Golf?
*“*Like, should all the best events in the world be in the Continental U.S.? Is that right?
*“*You know, should we be targeting, you know, 60 year old men? Or should we put some focus on the global game? Should we put some focus on this next generation of fans?
*“*You know, if I am a PGA Tour player, I want LIV to survive. The prize purses are pretty good. You know?
*“*Competition is good for business.
“So I think there’s a lot more to gain with LIV Golf here than LIV Golf gone.“