LIV Golf is facing severe financial challenges, having lost over $5.3 billion since its inception in 2022. Saudi Arabia's Public Investment Fund is reportedly reconsidering its ongoing support for the league.
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So LIV Golf is not shutting down … just yet.
A wild day, even by LIV standards, had Saudi Arabia pulling the plug on the league and proving even a Public Investment Fund worth $1.15 trillion — yes, with a 'T' — has a limit when it comes to throwing money at a product without a return on investment.
And that commitment has surpassed $5.3 billion since Greg Norman's baby was born in 2022.
Of course, Norman is out. Enjoying his piece of that pie, likely hundreds of millions of dollars, for taking orders from Yasir Al-Rumayyan, the PIF governor, who so desperately wants a seat in the golf echo-system, but has been rebuffed at every turn.
More LIV Golf: LIV Golf continues to hemorrhage millions, according to 2024 financial filing
Norman was replaced by Scott O'Neil, who released an internal statement to the LIV staff on April 15 amid the swirling rumors that the league was being axed, to boost their confidence.
But one has to wonder how much confidence anyone working, playing, whitewashing when it comes to LIV has on its CEO when he ends the memo by saying:
"Now we answer by doing what we do best: putting on the most compelling show in sports.”
I believe O'Neil misspelled the word: "Irrelevant."
More: LIV Golf may be collapsing, but here are 5 things it meant to the sport
LIV Golf has lost over $5.3 billion since it was established in 2022.
Saudi Arabia's Public Investment Fund is pulling back due to a lack of return on investment from LIV Golf.
Greg Norman was the head of LIV Golf before being replaced.
LIV Golf is described as 'hanging by a thread' due to its significant financial losses.
LIV Golf's future appears uncertain as reports suggest Saudi Arabia's Public Investment Fund may withdraw funding after investing $5 billion. Despite assurances for the 2026 season, the tour faces challenges from low ratings and strong competition from the PGA Tour.
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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.
OK, that may be a bit harsh, but it's certainly the case when it comes to the U.S. LIV may have resonated in places like Australia and Saudi Arabia, but its viewership numbers have been embarrassingly low here.
And the league recognized that. For the first time, we heard its executive pushing LIV as the "world golf league" this season, hoping for that to be the recipe for survival.
O'Neil also wrote in that memo, which was obtained by SI.com, that LIV is proceeding with the 2026 schedule with "the full energy of an organization that is bigger, louder and more influential than ever before.”
Before adding: “The life of a startup movement is often defined by these moments of pressure. We signed up for this because we believe in disrupting the status quo. We have faced headwinds since the jump, and we’ve answered every time with resilience and grace."
LIV golfers can believe that or they can start ringing up the PGA Tour, like Brooks Koepka and Patrick Reed already have done.
O'Neil's memo came amid reports in The Financial Times and Wall Street Journal on April 15 that PIF is cutting funding to the league. As CEO, O'Neil is trying to put out this raging fire with a squirt gun.
What those reports mean in the immediate future is unclear. Is LIV shutting down even as its players and personnel are on site in Mexico City, the site of its next event that started April 16? Is LIV scaling back just to survive?
JOHANNESBURG, SOUTH AFRICA - MARCH 20: Phil Mickelson of Hyflyers GC plays his shot from the fifth tee during day two of LIV Golf South Africa at The Club at Steyn City on March 20, 2026 in Johannesburg. (Photo by Johan Rynners/Getty Images)
LIV Golf has done one thing: made a lot of people rich. And not just those who defected from the PGA Tour, such as Phil Mickelson, Bryson DeChambeau, Dustin Johnson, Jon Rahm, Cam Smith and many others. Koepka and Reed were part of that group before returning to the Tour, Koepka this year and Reed in 2027.
When it comes to the PGA Tour, LIV ironically benefited those who spurned the league the most. Those players can thank LIV for the creation of signature events and $20 million purses, and the players receiving equity in their league.
LIV Golf held leverage over the PGA Tour in December 2023 with the stunning announcement it had signed Jon Rahm, the No. 3 golfer in the world. Tyrrell Hatton joined him soon after. We were promised more big names would follow.
LIV Golf was always more about just the golf as this Motown themed putting green in the fan zone at the Michigan Team Championship semifinals last August shows.
The league could not sustain that momentum. Not one significant player has signed since and it lost Koepka and Reed. Then came Donald Trump, acting as if he could unite LIV and the PGA Tour with two meetings in the White House 14 months ago that served nothing but to cater to his ego and have him believing he could save golf.
He failed.
Those meetings were the last time the two sides met and it's the PGA Tour now holding all the leverage.
And LIV hanging by a thread.
Tom D'Angelo is a senior sports columnist and reporter for The Palm Beach Post. He can be reached at tdangelo@pbpost.com.
This article originally appeared on Palm Beach Post: LIV Golf struggles financially, 'hanging by a thread'