LIV Golf is preparing to dismiss around 90 per cent of its workforce after funding from Saudi Arabia’s Public Investment Fund came to an end.
Approximately 300 people are employed across the breakaway circuit’s offices in London and New York, but the overwhelming majority have reportedly been told they will leave next week.
Read Also: Andy Burnham's first speech to MPs handed scathing assessment: 'A plodding performance!'
Staff were informed of the sweeping cuts during a brief meeting on Monday, having already received 30-day termination notices earlier this month.
However, the sheer scale of the planned redundancies is believed to have caught many employees by surprise.
Read Also: Tiger Woods court case takes major turn following arrest over Florida car crash
Read Also: At least 16 people killed in bus crash in Egyptian tourist hotspot
Senior executives are expected to remain in place alongside a skeleton workforce, potentially consisting of only a handful of employees in each department.
The remaining staff will be tasked with helping LIV navigate an uncertain transition period as plans for a slimmed-down version of the competition, dubbed “LIV 2.0”, continue to take shape.
A LIV Golf 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.
“This week, we informed many of our colleagues that their employment under LIV 1.0 will end in the first week of September.
“We are grateful to our employees for their hard work and dedication in building LIV Golf, and we remain committed to supporting those affected through this transition.”
Chief executive Scott O’Neil is attempting to secure between $250million and $300m (£185m and £222m) in fresh investment before a September deadline.
That money would reportedly be required to launch LIV’s proposed new model in 2027.
LATEST SPORTS NEWS:
- Police launch search for former Premier League star who has been missing for more than a week
- Champions League clash ends in chaos as coach appears to launch kick at ex-Premier League star
- Ronnie O’Sullivan and Laila Rouass make big announcement with ‘no f***s to give’ message
O’Neil revealed last month that a lead investor had signed a “term sheet”. BC Partners, a London-based investment firm, is understood to be involved, although no agreement has been publicly confirmed.
The LIV chief has also declined to rule out the possibility of bankruptcy if the necessary funding cannot be secured.
Reports suggest a number of vendors and contractors are still owed substantial sums.
Jon Rahm is also reportedly waiting for a nine-figure portion of the reported $300m signing fee agreed when he sensationally joined LIV in 2023.
Some lower-paid contractors are awaiting expense reimbursements dating back several months, creating another major obstacle for O’Neil and his remaining executives.
Departing employees have been told there could be opportunities to return should LIV 2.0 become a reality.
However, any relaunched competition is expected to operate on a dramatically smaller scale.
O’Neil has previously indicated that the revamped organisation would be more compact and efficient, with reports suggesting its calendar could be reduced to 10 tournaments.
Prize funds would reportedly fall to between $6m and $10m per event, roughly a third of the purses offered during LIV’s opening four seasons.
Several high-profile player departures are also expected, with Rahm’s future the subject of growing uncertainty.
His Legion XIII team-mate Tyrrell Hatton nevertheless remains confident the competition will survive.
“I would expect there to be LIV next season,” Hatton said at the British Masters.
“I know they have worked really hard to getting funding stuff in place. So I know it’s full steam ahead on that front.”
Hatton declined to discuss his own future, insisting he still has “multiple years” remaining on the contract he signed in 2024.
Our Standards:
The GB News Editorial Charter
