LIV Golf has informed many of its employees that their employment will end beginning the first week of September. As LIV alluded to in a statement, the mass layoffs do not come as a surprise following the Saudi Public Investment Fund (PIF) announcing that it would stop funding the circuit at the conclusion of the 2026 season.
LIV Golf’s 2026 campaign ended on Aug. 23 in Indianapolis, although the conclusion came a week early after the Team Championship in Michigan, slated for the end of August, was canceled earlier this month.
“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,” a LIV Golf spokesperson shared.
WYNDHAM CLARK ADDRESSES CHEATING ALLEGATIONS AFTER BEING ACCUSED OF IMPROVING LIE DURING BMW CHAMPIONSHIP WIN
“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.”
LIV leadership continues to be optimistic that the league will continue in 2027, calling it a new ‘LIV 2.0’ version, while it is also hopeful that many of the employees soon to be laid off can return.
OUTKICK IS NOW ON THE FOX APP: CLICK HERE TO DOWNLOAD
LIV Golf CEO Scott O’Neil announced on Aug. 5, ahead of the circuit’s event at Trump National Bedminster, that a new investor had been secured, and a term sheet had been signed. Specific details of the investor have yet to be announced.
“LIV Golf has an agreement in place with a lead investor, signed by the investor and approved by the Board, to anchor the transaction and play a key role in supporting the path forward for the League’s next era, driven by and for the players,” O’Neil said at the time.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
What is known regarding LIV 2.0 is that players competing in the league will hold a majority of equity. Also, the reported plan for the 2027 LIV schedule is for it to feature 10 events, with five in the United States and five across the globe.