LIV Golf has informed staff that 90 percent of them will be laid off next week, as the breakaway league's future grows increasingly uncertain. The mass cuts will see more than 250 people leave the organisation, which currently employs approximately 300 people across its New York and London offices.
The decision by the Saudi Arabian Public Investment Fund (PIF) to withdraw its investment has triggered widespread knock-on effects. Those being let go have received 30-day termination notices, though The Telegraph reports that the scale of the downsizing has surprised staff. Executives have reportedly been retained.
Staff told of re-employment opportunities
On Wednesday, laid-off staff were assured there would be opportunities for re-employment should LIV 2.0 materialise, which depends on finding an investor. Scott O'Neil, LIV's chief executive, announced last month that a lead investor had signed a "term sheet". That is thought to be BC Partners, a London-based equity and credit agency, but no official confirmation has been made.
An official statement said: "The funding commitment announced by PIF earlier this year will reach its conclusion. As a result, we are scaling back operations as we transition to the next chapter of LIV Golf and work toward making LIV 2.0 a reality."
LIV 2.0 vision and Rahm uncertainty
O'Neil has outlined his vision for LIV 2.0, which would be a more efficient organisation with scaled-back staffing. It would feature only 10 tournaments with prize funds between $6m and $10m, a third of what they have been in the first four seasons.
LIV still owes millions of dollars to vendors and contractors, including Jon Rahm, who is rumoured to have a nine-figure sum awaiting on the $300m signing-on fee that brought him to the league. He remains the biggest signing in the organisation's history, and LIV executives are "almost resigned" to him leaving.
Tyrrell Hatton has remained coy about his LIV future but stated he has "multiple years" left on the contract he signed at the start of 2024. "I would expect there to be LIV next season," the 34-year-old said. "I know they've worked really hard to get the funding stuff in place and its full steam ahead on that front."
