NEWS PEG
It was announced in April that LIV would be losing its funding from the Saudi Arabia Public Investment Fund, which had bank-rolled the league from its inaugural season in 2022 and was thought to be funding it through 2032. It scrapped a tournament scheduled for New Orleans in June and is likely canceling the team championship scheduled for Michigan in August.
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Key background
Upon its founding, LIV faced criticism immediately for accepting funding from Saudi Arabia, which was accused of using its money to buy its way into a prestigious American sport to improve its international image. Nonetheless, the league did succeed in wooing major players like Rahm, Phil Mickelson and Brooks Koepka away from the PGA tour with massive monetary promises. Since then, LIV has built a genuine international audience—the league reports ticket sales are up 129% year over year—but the American TV audience hasn’t broken through and the league has burned through cash. LIV has said it expects four of its events and 10 of its 13 teams to turn a profit this year, but O’Neil has said the overall league could be a decade away from profitability and LIV has spent a reported $6 billion in five years.
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BIG NUMBER
More than $3 billion. That’s how much LIV has paid its players in tournament winnings, salaries and bonuses since its first tournament in 2022. Reported signing bonuses for major players included $300 million for Rahm, $200 million for Mickelson and $100 million for Koepka.
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further reading
ForbesLIV Golf Loses Saudi Arabia Funding—Effectively Ending PGA Rival, Report SaysBy Antonio Pequeño IVForbesHere’s How Much LIV Golf Paid Its Players—As The Saudis Yank FundingBy Mary Whitfill Roeloffs