STERLING, Va. — While acknowledging the challenging predicament he finds himself in, LIV Golf CEO Scott O’Neil is confident he will lead the league through the financial headwinds it faces.
But he also offered few specifics.
O’Neil, in his first public comments since LIV Golf’s benefactor, the Saudi Arabian Public Investment Fund, announced last week that it would end its backing of the league after 2026, said he is committed to LIV’s team model but would not comment directly on possible changes to the league structure.
“I think I find myself energized, excited, happy, feeling a bit of pressure for sure, and very grateful for this opportunity, for the team I get to work with,” O’Neil said Tuesday during a news conference at Trump National D.C., site of this week’s LIV Golf Virginia event. “To have this chance in this business, to be able to reset and create something special, something lasting … I feel an appropriate amount of pressure, which I hope we all do here. I’m feeling inspired. And I feel like we have a clear path to a win.”
But O’Neil did not outline that path during a 45-minute news conference other than to say he is committed to LIV’s team format and selling the 13 franchises. “I think the team format is transformational,” O’Neil said.
LIV’s original business plan was to sell its teams to investors who would then run them as franchises with player-captains holding 25% equity in the teams.
But without buyers for those teams, LIV Golf owns and operates them while also committing $30 million per week in purses without a lucrative television media rights deal or significant sponsorship backing.
None of that was a big concern as long as the Saudi Arabian PIF bankrolled the league. That wealth fund is said to be worth near $1 trillion and has reportedly spent in excess of $5 billion on LIV Golf since its inception in 2022.
But last week, the PIF announced that changing economic and investment goals would mean that it would no longer subsidize the league beyond this year.
How Scott O’Neil processed the news of the PIF’s departure
Yasir Al-Rumayyan, the governor of the PIF who Sergio Garcia said earlier this year pledged support through at least 2030, stepped down as LIV’s chairman.
“Was I surprised? I don’t know, it’s hard to even think about that moment,” O’Neil said of learning of the PIF’s change of priorities. “So I’d rather not comment on how I actually felt, my emotion. I can tell you that it was very clear 18 months ago that for this to be a going concern, we were going to have to make significant and substantive changes in terms of the way we do business.
“When my phone rings, it never is the case that everything is going well. I am not a status quo manager. I never have been. I never will be. Like, this is what I do. This is what I’m here for, and this is what brings me the most satisfaction, enjoyment, excitement. Like this is what I’m excited to be here to do.
“So it would be naive to be surprised, and it would be irresponsible to be thinking anything else other than how far we have to go to make sure that we can continue to grow this game around the world.”
O’Neil replaced Greg Norman as CEO in January 2025, a transition that saw the league recruit players and launch under the Hall of Fame golfer to one that was focused on becoming economically viable.
Scott O’Neil replace Greg Norman as LIV Golf CEO in January 2025. | Brenton Edwards/AFP via Getty Images
But nobody saw it coming this soon. O’Neil earlier this year said he believed it would be at least five years before LIV Golf could break even.
Now, in order to play into next year, LIV needs to bring on investment and sponsorship immediately. O’Neil would not say if there will be a reduction in tournaments or purses next year, things that would appear to be necessary.
“We’re going to have to change some things we do, of course, and yes, we’ve already made some changes,” O’Neil said. “I definitely will not be talking through specifics of the plan, but it’s a playbook that won’t surprise too many people once you see it.”
Later, O’Neil said: “We are going to create a business plan. We’re going to lock arms with the players. We will go to market and raise money on the top, on a league level, and then we will go and get investors in teams, in that order.”
LIV Golf made four players available Tuesday, including Jon Rahm, the two-time major winner who leads the LIV Golf standings and was a marquee signing heading into the 2024 season.
Rahm, who won the LIV Golf Mexico event for his second victory this year the week following the Masters, said the news that began to circulate during that week in Mexico City was “unexpected.”
“Like everybody, surprised, obviously unexpected,” he said. “We did hear the news that there would be funding through for many years, so unexpected. Then as the future of the league goes, I think that’s obviously a question for the business people. We want to be here. It’s been a lot of fun. I want to keep competing. I want to keep sharing some time with them.
“But only time will tell. Scott and his team have a lot of hard work to do, but obviously they’re experienced in the area, and that’s why they’ve been chosen to take this role.”
Rahm not yet thinking about his next move
Rahm is in the third year of what is a multi-year contract through at least next year or longer. O’Neil did not answer a question as to whether or not the PIF is responsible for the large up-front deals signed with players.
Asked if he could get out of his contract if he chose, Rahm said: “I’m also not a lawyer. I have no idea. I couldn’t tell you. I have very few talents in my life, and reading a contract or business are not two of them.
“Again, like you just said, as of right now, I have several years on my contract left, and I’m pretty sure they did a pretty good job when they drafted that. So I don’t see many ways out, and as of right now, I’m not really thinking about it since we still have a season to play and majors to compete for. So it’s not something I want to think about just yet.”
Bryson DeChambeau, perhaps LIV’s biggest star, is in the final years of his initial deal with LIV and he has pledged his support to the league, although it is unclear his plans after this year.
In order for LIV Golf to continue beyond this year, it needs investment in the league and teams as well as a likely big reduction in costs.
To that end, LIV Golf last week announced a restructuring of its board of directors that includes two investment specialists. And on Monday, it announced that it had retained an investment bank, Ducera Partners, “to guide the league in its efforts to secure long-term investment partners and support its evolution into a diversified, multi-partner investment model.”
After this week’s tournament, LIV plays again at the end of the month in South Korea, followed by tournaments in Spain and the United Kingdom. It has postponed or canceled an event in New Orleans. It concludes with three U.S. events in August.
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