LIV Golf will lay off the majority of its staff next week under drastic reforms intended to keep the breakaway tour afloat next year, a spokeswoman said Wednesday.
The layoffs come after LIV Golf lost the deep-pocketed Saudi investors that had spent a reported $5 billion over several years to lure many top stars from golf's PGA Tour.
That funding from Saudi Arabia's Public Investment Fund (PIF) came to an abrupt end following last weekend's Indianapolis LIV season finale event.
While LIV officials say a "2.0" version of the tour will re-emerge under new investors next season, with a shorter schedule and reduced prize money, that remains deeply uncertain.
"The funding commitment announced by PIF earlier this year will reach its conclusion. As a result, we are scaling back operations as we transition to the next chapter of LIV Golf and work toward making LIV 2.0 a reality," said the LIV spokeswoman, in a statement.
#funding #wednesday
The layoffs come after LIV Golf lost the deep-pocketed Saudi investors that had spent a reported $5 billion over several years to lure many top stars from golf's PGA Tour.
That funding from Saudi Arabia's Public Investment Fund (PIF) came to an abrupt end following last weekend's Indianapolis LIV season finale event.
While LIV officials say a "2.0" version of the tour will re-emerge under new investors next season, with a shorter schedule and reduced prize money, that remains deeply uncertain.
"The funding commitment announced by PIF earlier this year will reach its conclusion. As a result, we are scaling back operations as we transition to the next chapter of LIV Golf and work toward making LIV 2.0 a reality," said the LIV spokeswoman, in a statement.
#funding #wednesday
2 months ago
