"The basic pitch is that while LIV was bankrolled by PIF - to the reported tune of $5 billion - the Saudi involvement also turned off some potential sponsors, golfers, and audiences. Going forward it would succeed or fail on its own merits. If it can get investors to the green."
LIV was launched in 2022 by Saudi PIF as a more flexible rival to the PGA Tour, and attempts to merge with the PGA Tour ultimately failed. Saudi PIF owns nearly all of LIV and about 75% of each team. LIV plans to share its fundraising approach with players, including Jon Rahm and Bryson DeChambeau. Ducera Partners manages the fundraising process, with the plan reviewed by new board members and Alix Partners. Investors may be told that $250 million could drive profitability in about 20 months, or that $150 million could be enough if team values rise and a new media rights deal arrives. LIV still runs on remaining Saudi cash but must close the investment by early October or consider bridge financing. Outreach is expected to private equity, family offices, and individual billionaires, with the pitch emphasizing that LIV must succeed independently after sponsor and audience concerns tied to Saudi involvement.
Read at Axios
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