LIV Golf’s UK-based entity has revealed financial losses exceeding $1.1 billion since its launch in 2021, according to newly filed accounts with Companies House.
The filings show the organization lost $461.8 million in 2024 alone, on top of almost $396 million in 2023 and around $243 million during the first 18 months of operation through the end of 2022.
Limited Revenue Against Heavy Spending
Despite its high-profile entrance into men’s professional golf, LIV Golf Investments Ltd generated only $65 million in revenue during 2024 and just over $37 million in 2023.
In contrast, the entity has issued approximately $4.89 billion in shares since inception, highlighting the scale of investment required to fund the league’s aggressive strategy — from marquee player signings to staging global tournaments.
Financial Stability Questioned
The December 2024 accounts flagged a “material uncertainty” regarding LIV Golf Investments’ ability to remain financially stable if losses continued at this pace without debt clearance measures.
However, Saudi Arabia’s Public Investment Fund (PIF), which manages assets worth roughly $925 billion, reaffirmed its backing, committing to provide financial support to LIV Golf Investments for the foreseeable future.
Strategic Moves Under New Leadership
Since Scott O’Neil replaced Greg Norman as chief executive, LIV Golf has taken steps to strengthen its commercial position. Notable moves include:
- Securing a multi-year broadcast deal with Fox in the United States.
- Expanding into new territories such as South Korea and South Africa.
- Extending its long-term commitment in Australia.
- Attracting multinational sponsors to bolster its commercial portfolio.
These initiatives come as LIV attempts to shift beyond its initial phase of heavy spending on player recruitment — which saw record contracts handed to stars such as Bryson DeChambeau and Jon Rahm — towards a more sustainable business model.
Broader Golf Landscape Remains Unsettled
The financial disclosures arrive against the backdrop of an uncertain future for men’s professional golf. Following the 2023 Framework Agreement between the PGA Tour, DP World Tour, and PIF, hopes were raised of a unified commercial structure.
However, progress has stalled. The PGA Tour opted to accept investment from the US-based Strategic Sports Group (SSG), which injected $1.5 billion of a planned $3 billion, leaving LIV Golf without a seat at the table for now.
As talks continue, the standoff between the PGA Tour, LIV Golf, and DP World Tour shows no immediate resolution — raising questions about how long the current fragmented model can hold.
Outlook
LIV Golf’s financial losses underline the enormous costs of building a challenger league in one of the most traditional sports. While its deep-pocketed backers ensure survival in the short term, the league’s long-term trajectory will depend on whether its global expansion, media partnerships, and sponsorship deals can eventually outweigh its operating losses.
For now, the PIF’s financial muscle keeps LIV in play — but the wider battle for the future of men’s golf is far from settled.
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