LIV were due to stage the inaugural event at Bayou Oaks at City Park in Louisiana on June 25, but a postponement is expected to be announced on Tuesday with LIV reportedly needing to change their business model.
O’Neil and his management group are seeking backing from other sources. PIF has already invested more than $5bn in the project since it launched in 2022 and with minimal returns so far, finding investors may be difficult.
In an interview with LIV’s UK broadcaster, TNT Sport, which was later deleted, O’Neil all but conceded that Saudi funding would stop at the end of this season. “The reality is you’re funded through the season and then you work like crazy to create a business and a business plan to keep us going. But that’s not different than any other private equity business in the history of mankind,” he said after LIV New Mexico two weeks ago.