LIV Golf hires investment bank in bid to survive beyond 2026
TL;DR
LIV Golf has hired Ducera Partners LLC to develop a long-term capital strategy as it faces the end of funding from Saudi Arabia's Public Investment Fund after the 2026 season. The league has received over $5 billion in investments since its inception in 2022.
Key points
- LIV Golf retained Ducera Partners LLC for capital strategy
- Funding from Saudi Arabia's PIF ends after 2026
- PIF invested over $5 billion since LIV Golf's launch
- LIV Golf's future is uncertain without new funding
Mentioned in this story
LIV Golf retained investment bank DuceraPartners LLC on Monday, May 4, to lead its long-term capital strategy, a survival move after Saudi Arabia’s Public Investment Fund announced it will stop funding the circuit at the end of this season.
The clock is ticking.
PIF poured more than $5 billion into LIV Golf since the league launched in 2022, and when the money runs out, there is no guarantee anything will replace it.
"PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season," the fund said last week. "The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy."
LIV Golf remains in the headlines as executives meet amid ongoing conversations about the future of the sport.
See the LIV golfers who continue to draw attention through both current competition and their place in the broader discussion.
Above, Byeong Hun An in action during the first round of play at LIV Golf Riyadh at the Riyadh Golf Club.
Paul Casey of Crushers GC chips onto the first green during the finals of the LIV Golf Michigan Team Championship at The Cardinal at Saint John's Resort.
Bryson DeChambeau celebrates after winning in a playoff against Byeong-Hun An of South Korea during the final round of The Memorial Tournament Presented by Nationwide at Muirfield Village Golf Club on June 3, 2018, in Dublin, Ohio.
Sergio Garcia plays his shot on the seventeenth hole from the eighth hole during the second round of the Masters Tournament at Augusta National Golf Club.
Tyrrell Hatton tees off on the first hole during the third round of the Masters Tournament at Augusta National Golf Club.
Charles Howell III, Bryson DeChambeau and Paul Casey of the Crushers GC celebrate the Dallas LIV team championship during the final round of the LIV Golf Dallas golf tournament at Maridoe Golf Club.
Dustin Johnson lines up a putt on the 17th green during the second round of the Masters Tournament at Augusta National Golf Club.
Martin Kaymer of team Cleeks Golf Club hits a tee shot on the fourth hole during the final round of the LIV Golf Virginia golf tournament at Robert Trent Jones Golf Club.
Anthony Kim hits from the second tee during the final round of the LIV Golf Black Diamond Ranch golf tournament at Black Diamond Ranch.
Phil Mickelson of HyFlyers GC reacts to a putt at the 12th green on day one of LIV Golf Virginia at Robert Trent Jones Golf Club on June 06, 2025, in Gainesville, Virginia.
Joaquin Niemann of Torque GC celebrates after winning day three of LIV Golf Virginia at Robert Trent Jones Golf Club on June 08, 2025, in Gainesville, Virginia.
Louis Oosthuizen of Stinger GC tees off at the ninth hole on day two of LIV Golf Virginia at Robert Trent Jones Golf Club on June 07, 2025, in Gainesville, Virginia.
British golfer Ian Poulter of Majesticks GC plays his shot from the second tee during the quarterfinals of the 2022 LIV Golf Invitational Miami at Trump National Doral Miami golf club in Miami, Florida, on October 28, 2022.
Jon Rahm of Legion XIII poses with the LIV golf season individual trophy on day three of LIV Golf Indianapolis at The Club at Chatham Hills on August 17, 2025, in Westfield, Indiana.
South African golfer Charl Schwartzel celebrates with the trophy after winning the LIV Golf Invitational London at The Centurion Club on June 11, 2022. The $25 million event marked the launch of the Saudi-backed LIV Golf series, the richest tournament purse in golf history at the time.
Australia's Cameron Smith of Ripper GC plays a shot at the 5th tee during the first round of the LIV Golf Korea at Jack Nicklaus Golf Club in Incheon on May 2, 2025.
USA's Bubba Watson watches his shot during the second day of the LIV Golf Adelaide at the Grange Golf Club in Adelaide on February 15, 2025.
Lee Westwood of Majesticks GC reacts to a putt on the 18th hole during day three of the LIV Golf Invitational - Orlando at The Orange County National on April 02, 2023, in Orlando, Florida.
1 / 18
LIV Golf running out of time? Meet the players who define the league
LIV Golf remains in the headlines as executives meet amid ongoing conversations about the future of the sport.
See the LIV golfers who continue to draw attention through both current competition and their place in the broader discussion.
Above, Byeong Hun An in action during the first round of play at LIV Golf Riyadh at the Riyadh Golf Club.
1 / 18
LIV Golf running out of time? Meet the players who define the league
LIV Golf remains in the headlines as executives meet amid ongoing conversations about the future of the sport.
See the LIV golfers who continue to draw attention through both current competition and their place in the broader discussion.
Above, Byeong Hun An in action during the first round of play at LIV Golf Riyadh at the Riyadh Golf Club.
2 / 18
LIV Golf running out of time? Meet the players who define the league
Paul Casey of Crushers GC chips onto the first green during the finals of the LIV Golf Michigan Team Championship at The Cardinal at Saint John's Resort.
3 / 18
LIV Golf running out of time? Meet the players who define the league
Bryson DeChambeau celebrates after winning in a playoff against Byeong-Hun An of South Korea during the final round of The Memorial Tournament Presented by Nationwide at Muirfield Village Golf Club on June 3, 2018, in Dublin, Ohio.
4 / 18
LIV Golf running out of time? Meet the players who define the league
Sergio Garcia plays his shot on the seventeenth hole from the eighth hole during the second round of the Masters Tournament at Augusta National Golf Club.
5 / 18
LIV Golf running out of time? Meet the players who define the league
Tyrrell Hatton tees off on the first hole during the third round of the Masters Tournament at Augusta National Golf Club.
6 / 18
LIV Golf running out of time? Meet the players who define the league
Charles Howell III, Bryson DeChambeau and Paul Casey of the Crushers GC celebrate the Dallas LIV team championship during the final round of the LIV Golf Dallas golf tournament at Maridoe Golf Club.
7 / 18
LIV Golf running out of time? Meet the players who define the league
Dustin Johnson lines up a putt on the 17th green during the second round of the Masters Tournament at Augusta National Golf Club.
8 / 18
LIV Golf running out of time? Meet the players who define the league
Martin Kaymer of team Cleeks Golf Club hits a tee shot on the fourth hole during the final round of the LIV Golf Virginia golf tournament at Robert Trent Jones Golf Club.
9 / 18
LIV Golf running out of time? Meet the players who define the league
Anthony Kim hits from the second tee during the final round of the LIV Golf Black Diamond Ranch golf tournament at Black Diamond Ranch.
10 / 18
LIV Golf running out of time? Meet the players who define the league
Phil Mickelson of HyFlyers GC reacts to a putt at the 12th green on day one of LIV Golf Virginia at Robert Trent Jones Golf Club on June 06, 2025, in Gainesville, Virginia.
11 / 18
LIV Golf running out of time? Meet the players who define the league
Joaquin Niemann of Torque GC celebrates after winning day three of LIV Golf Virginia at Robert Trent Jones Golf Club on June 08, 2025, in Gainesville, Virginia.
12 / 18
LIV Golf running out of time? Meet the players who define the league
Louis Oosthuizen of Stinger GC tees off at the ninth hole on day two of LIV Golf Virginia at Robert Trent Jones Golf Club on June 07, 2025, in Gainesville, Virginia.
13 / 18
LIV Golf running out of time? Meet the players who define the league
British golfer Ian Poulter of Majesticks GC plays his shot from the second tee during the quarterfinals of the 2022 LIV Golf Invitational Miami at Trump National Doral Miami golf club in Miami, Florida, on October 28, 2022.
14 / 18
LIV Golf running out of time? Meet the players who define the league
Jon Rahm of Legion XIII poses with the LIV golf season individual trophy on day three of LIV Golf Indianapolis at The Club at Chatham Hills on August 17, 2025, in Westfield, Indiana.
15 / 18
LIV Golf running out of time? Meet the players who define the league
South African golfer Charl Schwartzel celebrates with the trophy after winning the LIV Golf Invitational London at The Centurion Club on June 11, 2022. The $25 million event marked the launch of the Saudi-backed LIV Golf series, the richest tournament purse in golf history at the time.
16 / 18
LIV Golf running out of time? Meet the players who define the league
Australia's Cameron Smith of Ripper GC plays a shot at the 5th tee during the first round of the LIV Golf Korea at Jack Nicklaus Golf Club in Incheon on May 2, 2025.
17 / 18
LIV Golf running out of time? Meet the players who define the league
USA's Bubba Watson watches his shot during the second day of the LIV Golf Adelaide at the Grange Golf Club in Adelaide on February 15, 2025.
18 / 18
LIV Golf running out of time? Meet the players who define the league
Lee Westwood of Majesticks GC reacts to a putt on the 18th hole during day three of the LIV Golf Invitational - Orlando at The Orange County National on April 02, 2023, in Orlando, Florida.
Ducera, founded in 2015 by CEO Michael Kramer, boasts that it has advised more than $850 billion in transactions, across sports, media and entertainment. Kramer served as an advisor on NHL and MLB franchise transactions, according to the announcement. He called LIV "hard to replicate" and said the firm would focus on finding the right long-term partners.
The hiring follows a flurry of structural moves. LIV recently added independent directors Gene Davis and Jon Zinman to its board, and Citigroup is already advising on the potential sale of stakes in individual teams, which is a separate process from Ducera’s broader capital-raising mandate.
The league has a lot of selling to do.
LIV has bled an estimated $500 million to $600 million annually since launching as a PGA Tour rival. It has failed to generate meaningful U.S. television ratings, despite deals with The CW Network and Fox. It postponed its upcoming New Orleans event as the crisis deepened.
LIV has not added a marquee player since Jon Rahm and Tyrrell Hatton joined in 2024. Brooks Koepka left his LIV contract early and paid a stiff financial penalty to return to the PGA Tour. Patrick Reed departed to set up his own return in 2027 and speculation is running rampant that Bryson DeChambeau, the league’s biggest star, is eyeing an exit when his contract expires at the end of the season.
LIV is pushing back with its own numbers, claiming sponsorships and partnerships are up 40% year-over-year, ticket sales have grown more than 130% and its broadcast reach is approaching one billion households across 200 countries.
Bryson DeChambeau reacts after his ball rolled down the slope on the 18th green during the second round of the 2026 Masters Tournament at Augusta National Golf Club.
In 2023 there were talks about a potential merger with the PGA Tour, but they collapsed as the Tour forged ahead with its own reforms. That included bigger purses, a revamped PGA Tour schedule, and private investment of its own.
With its season running through August, the league has months to find the money it needs to exist in 2027.
This article originally appeared on USA TODAY: LIV Golf hires investment bank Ducera Partners to find funding
Q&A
Why is LIV Golf hiring an investment bank?
LIV Golf is hiring Ducera Partners LLC to create a long-term capital strategy in response to the cessation of funding from Saudi Arabia's Public Investment Fund.
How much has Saudi Arabia's Public Investment Fund invested in LIV Golf?
Saudi Arabia's Public Investment Fund has invested over $5 billion in LIV Golf since its launch in 2022.
When will Saudi Arabia stop funding LIV Golf?
Saudi Arabia's Public Investment Fund will stop funding LIV Golf at the end of the 2026 season.
What does the future hold for LIV Golf after 2026?
The future of LIV Golf beyond 2026 is uncertain, as it relies on developing a sustainable capital strategy without the backing of the Public Investment Fund.
