The chief executive of LIV Golf says he’s trusting Saudi Arabia’s Public Investment Fund to honor its commitment to finance the golf circuit through the 2026 season, despite the fund’s announcement that it would cease backing after this year.
Scott O’Neil, who leads the golf league, spoke with CNBC on Tuesday, weeks following the PIF’s confirmation that it would withdraw financial support from the five-year-old tournament series following the current season.
“I can say they’ve been terrific partners so far, and you have to take an incredible organization like PIF at their word,” O’Neil stated. “They’ve been very public about funding us through the season, so we are full steam ahead.”
During the interview, O’Neil faced questions about recent speculation that LIV’s remaining four tournaments this season might face cancellation as PIF considers ending its financial backing even earlier than planned. The LIV Golf Louisiana tournament, originally set for late June, was delayed shortly after news broke about PIF’s funding decision.
As PIF steps back and its governor Yasir Al-Rumayyan resigns from his role as LIV Golf’s chairman, the tournament series has started courting potential new financial backers, according to reports seeking approximately $250-350 million in funding for what’s being called a “LIV 2.0” strategy.
When directly questioned about whether he could promise the four remaining tournaments in England, New Jersey, Indianapolis and Michigan would proceed as scheduled this summer, O’Neil, a veteran sports industry leader in his second year heading LIV, gave an indirect response.
“What I can guarantee is a heck of a return if you come invest in this business,” O’Neil answered.
O’Neil continued by expressing his belief that LIV possesses “incredible business momentum.”
“What we don’t have is a lot of time, so we’re very urgently out there talking to those who are interested,” he explained.
Following the Louisiana tournament’s postponement, LIV Golf now faces a six-week gap in its summer calendar before resuming with LIV Golf UK scheduled for July 23-26.
