LIV Golf has informed employees their jobs will end next week as the league begins life without Saudi funding, downsizing operations as it pursues an agreement with a lead investor to reshape the league for next year.<\/p>\n
It was not clear how many or what percentage of employees are being laid off. LIV ended its fifth season last week<\/a> outside Indianapolis, one week earlier than expected.<\/p>\n The staff reduction was not a surprise. LIV Golf learned in April the Public Investment Fund of Saudi Arabia would end financial backing after this season<\/a>. LIV in July filed a notice under the Worker Adjustment and Retraining Notification Act that indicated layoffs were likely.<\/p>\n There also was hope that several employees could be hired back depending on LIV securing its agreement with the lead investor and how the new league \u2014 LIV 2.0 \u2014 might look.<\/p>\n \u201cThe 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,” LIV said in a statement Wednesday.<\/p>\n “This week, we informed many of our colleagues that their employment under LIV 1.0 will end in the first week of September. We are grateful to our employees for their hard work and dedication in building LIV Golf, and we remain committed to supporting those affected through this transition.\u201d<\/p>\n CEO Scott O’Neil announced earlier this month that he had come to terms with a lead investor<\/a>, which multiple reports have indicated was BC Partners, and they were hopeful of finalizing the deal in September.<\/p>\n LIV Golf had its shortest season since the year it launched in 2022, losing events in New Orleans<\/a> and the team championship in Michigan<\/a>, with the team title merged into the Indiana event.<\/p>\n Still to be determined are the futures of its biggest names, starting with Jon Rahm and Bryson DeChambeau. Rahm still is under contract while DeChambeau started the year negotiating for a renewal. That was before Saudi Arabia pulled the plug on the funding when the Iran war led PIF to reshape its investment priorities.<\/p>\n O’Neil has not ruled out filing for bankruptcy as part of the restructuring. LIV already faces two lawsuits for not paying vendors for services.<\/p>\n