Golf ‘faces questions over financial viability’ following LIV setback
LIV Golf’s struggles raise questions about the long-term viability of the sport, according to a new independent report on the business of golf.
The breakaway tour’s huge financial incentives disrupted golf and forced the PGA Tour to raise its prize money but LIV now faces an uncertain future after Saudi Arabia’s Public Investment Fund announced it would not be funding it beyond this season.
“Elite golf is now at a defining financial crossroads, with the traditional economics of the sport being fundamentally reshaped by external investment, escalating player earnings and changing commercial models,” said Prof Rob Wilson, co-author of the Leonard Curtis Golf Finance Report.
“The withdrawal of PIF funding from LIV Golf creates major questions around the long-term viability, governance and future structure of the global game.”
PIF’s retreat from LIV comes after it spent $5bn in five years on launching the tour and recruiting stars such as Bryson DeChambeau, Jon Rahm and Brooks Koepka.
LIV pays for focus on ‘disruption at every level’
LIV bosses are now searching for new backers in the hope of saving the tour, after the PGA Tour sold a stake in its commercial arm to a cohort of seasoned sports investors in 2024.
“LIV Golf’s unsurprising struggles show that unlimited capital cannot guarantee a sustainable or credible sports competition,” said Leonard Curtis business of sport lead Alex Cadwallader.
“The focus appeared to be on disruption at every level as opposed to finding a viable business model. The other tours had to react by increasing player awards, resulting in funds being diverted away from legitimate initiatives that would ‘grow the game’.”
The report, published today, shows that the PGA Tour averaged around $1.4bn in revenue between 2020 and 2024, 3.4 times higher than the DP World Tour.
LIV Golf’s revenues increased from $31.5m in 2022 to $92.6m in 2024. While income grew markedly last year, it remains heavily loss-making.