LIV Golf is undertaking mass layoffs in the U.S. and U.K. as the league “scales back operations” and seeks a path to what it calls “LIV 2.0,” according to a spokesperson quoted by Sportico. The cuts follow the end of financial support from Saudi Arabia’s Public Investment Fund (PIF), the New York Post reported.
Mass layoffs tied to PIF exit, NY Post reports
The New York Post reported that PIF has ended its financial backing of LIV, prompting the league to lay off most of its U.S. and U.K. employees. The source text also states the organization filed a Worker Adjustment and Retraining Notification (WARN) Act notice in July, enabling layoffs to begin, though no outlet was cited for that filing.
‘Scaling back’ toward ‘LIV 2.0,’ per Sportico
“We are scaling back operations as we transition to the next chapter of LIV Golf and work toward making LIV 2.0 a reality,” a LIV spokesperson said, according to Sportico. “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.”
Unnamed investor meetings; rumors swirl around BC Partners
LIV previously indicated it had lined up a new backer after the PIF exit, but the league has not formally named the investor or said when funding might arrive, per the source text. Sports media rumor mills have claimed Ted Goldthorope of BC Partners is involved; there has been no formal announcement.
LIV Golf CEO Scott O’Neil said he has met with the still-unnamed backer. “You have a visionary, charismatic, driven, well-connected leader, investor, businessman who answered questions with grace, shared his vision, and I think was able to convey a lot of the things that players and GMs and my colleagues wanted to hear,” O’Neil said. “It was a fantastic meeting.”
