One way or another, LIV Golf is in its final days as originally created. The tour began life as a PGA Tour breakaway funded by Saudi Arabia’s virtually limitless Public Investment Fund, but now is working to both line up financing and hold onto players in preparation for what league officials have termed “LIV 2.0.” With a self-imposed go/no-go deadline nearing, several recent developments have complicated plans for a new version of the league.
For players, LIV’s chief drawing card was the paychecks with astounding numbers of zeroes. Stars, former stars and non-stars alike all cashed in during LIV’s run, earning many millions more than they would have been able to on the PGA Tour or the Europe-based DP World Tour. But when Saudi Arabia cut off funding for LIV in April, the pipeline for those paychecks dried up, and now player after player has decided to take their chances elsewhere.
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The most notable defection came several weeks ago, when Jon Rahm decided he’d had enough of LIV. Rahm’s jump to LIV in late 2023 was a seismic moment in golf history, a declaration that the league was capable of enticing even one of the world’s best players. But after three years of absolute domination on LIV and underperformance in majors, Rahm opted to walk away from millions — perhaps even tens of millions — owed to him under his initial contract. Rahm’s future plans aren’t yet known, but the fact that he was willing to forgo the remainder of his contract is a stark statement on his belief in LIV 2.0.
Several other notable players have followed Rahm out the door. In recent days, Ian Poulter announced he would be ending his LIV tenure, expressing gratitude on X for the opportunity:
Rahm’s Legion XIII teammate Tyrrell Hatton also announced he wouldn’t be playing in LIV 2.0. Like Rahm, his next event will be the DP World Tour’s Abu Dhabi Aldar Championship in early November. Major winners Sergio Garcia and Louis Oosthuizen, among many others, have declared that they intend to pursue other opportunities outside LIV Golf.
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The defection of so many notable players — in name if not necessarily in current skill — makes the challenge of bringing LIV Golf 2.0 to light that much more difficult. Professional golf on an international scale is a star-driven system, and having notable names in the field is the fastest way to draw attention to an event.
Accordingly, LIV’s new investor, BC Partners Credit, had set a deadline of Sunday, Oct. 25 for players to commit to the league, though BC has the ability to move that deadline. LIV’s own attorneys have suggested in recent bankruptcy hearings that the league would make a decision on its future existence by the end of this month.
Several players aren’t simply walking away from LIV, however; they’re seeking what they claim they’re still owed. On Sunday, The Athletic reported that more than 10 players, led by Masters champions Dustin Johnson and Bubba Watson, are seeking more favorable severance deals from the Public Investment Fund. The unpaid terms of their contracts reportedly total more than $100 million.
Johnson’s attorney David Cornwell suggested that the players are reluctant to sign on with LIV 2.0 until the remaining obligations of LIV 1.0 reach a satisfactory conclusion. The Athletic reported that the PIF had offered the players two cents on the dollar for the remainder of those contracts, and Cornwell indicated that the PIF’s decision to cut off funding for LIV ought to give other sports entities pause.
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“The PIF was an honorable business partner until what we regard as its abandonment of LIV golfers,” Cornwell told The Athletic. “Professional sports leagues and their player unions in the United States, along with sports organizations worldwide, should take notice: the PIF’s treatment of LIV golfers may signal how it will treat professional athletes in other sports. How you do one thing is usually how you do everything.”
At the same time, court documents indicated that many LIV executives were paid hundreds of thousands or even millions of dollars in retention payments and bonuses prior to the league’s bankruptcy filing this summer. While retention payments aren’t uncommon during bankruptcy proceedings, the fact that LIV was paying significant amounts to executives while vendors went unpaid raised questions and opened up the league to external criticism.
LIV and BC Partners have developed a plan that could bring in up to $300 million in financing for LIV 2.0, and players would hold a majority ownership stake in the new entity. However, as of the deadline date of Sunday only four players — Richard Bland, Ben Campbell, Brendan Steele and Cameron Tringale — had formally committed to the next iteration of the league. Bryson DeChambeau, a free agent who has been linked to the LIV restructuring in the last few months, has not formally committed to the next version of the league just yet.
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