In one way or another, LIV Golf is approaching its conclusion as it was initially formed. The tour started as a departure from the PGA Tour, backed by Saudi Arabia’s nearly infinite Public Investment Fund, but now it is striving to secure financing and retain players in anticipation of what league officials have labeled “LIV 2.0.” As the self-imposed deadline approaches, various recent changes have complicated the league’s plans for a revised version.
For competitors, the primary allure of LIV was the paychecks featuring astonishing figures. Stars, former stars, and emerging players alike all profited during LIV’s existence, earning millions more than what would have been achievable on the PGA Tour or the DP World Tour based in Europe. However, when Saudi Arabia halted funding for LIV in April, the flow of those paychecks ceased, leading many players to explore other opportunities.
The most significant departure occurred a few weeks back when Jon Rahm opted out of LIV. Rahm’s move to LIV in late 2023 was a groundbreaking moment in golf history, signaling that the league could attract even one of the top players in the world. But after three years of dominating performance on LIV and a lack of success in major tournaments, Rahm chose to walk away from millions — potentially tens of millions — owed to him under his original agreement. Although Rahm’s future intentions remain unclear, his decision to forgo the balance of his contract is a significant indication of his skepticism surrounding LIV 2.0.
Several other prominent players have followed Rahm’s example. Recently, Ian Poulter revealed he would be concluding his affiliation with LIV, expressing his appreciation on X for the opportunity:
Rahm’s colleague from Legion XIII, Tyrrell Hatton, also indicated he would not participate in LIV 2.0. Similar to Rahm, his next appearance will be at the DP World Tour’s Abu Dhabi Aldar Championship in early November. Major champions Sergio Garcia and Louis Oosthuizen, among many others, have also announced their intentions to seek opportunities beyond LIV Golf.
The exit of so many notable players — whether in name recognition or current performance — complicates the effort to introduce LIV Golf 2.0. Professional golf on a global scale heavily relies on star appeal, and having well-known players in the lineup is the quickest way to garner attention for an event.
Consequently, LIV’s new financier, BC Partners Credit, established a deadline of Sunday, Oct. 25, for players to pledge allegiance to the league, though BC reserves the right to adjust that deadline. LIV’s own attorneys have indicated in recent bankruptcy proceedings that a decision regarding the league’s future will be made by the end of this month.
However, some players are not merely stepping away from LIV; they are pursuing what they assert is still owed to them. Recently, The Athletic reported that over 10 players, led by Masters champions Dustin Johnson and Bubba Watson, are negotiating for better severance terms from the Public Investment Fund. The unpaid portions of their contracts are believed to total over $100 million.
Johnson’s attorney, David Cornwell, noted that the players are hesitant to engage with LIV 2.0 until the outstanding debts of LIV 1.0 are satisfactorily resolved. The Athletic highlighted that the PIF offered players two cents on the dollar for the leftover amounts of those contracts, and Cornwell remarked that PIF’s choice to withdraw funding for LIV could be a cautionary tale for other sports organizations.
“The PIF was an honorable business partner until what we see as its abandonment of LIV players,” Cornwell conveyed to The Athletic. “Professional sports leagues and their player unions in the U.S., alongside sports organizations globally, should take note: the PIF’s treatment of LIV players could be indicative of how they will handle professional athletes in other sports. How you handle one situation often reflects your approach to all.”
Simultaneously, legal documents have shown that a number of LIV executives received hundreds of thousands or even millions of dollars in retention bonuses prior to the league’s bankruptcy filing this summer. While retention bonuses are not unusual in bankruptcy contexts, the fact that LIV was allocating considerable sums to executives while vendors went unpaid raised concerns and invited external scrutiny.
LIV and BC Partners have devised a strategy that could generate up to $300 million in financing for LIV 2.0, with players holding a majority ownership in the new organization. However, as of the deadline of Sunday, only four players — Richard Bland, Ben Campbell, Brendan Steele, and Cameron Tringale — have formally committed to the next chapter of the league. Bryson DeChambeau, a free agent who has been associated with LIV’s restructuring in recent months, has not yet made a formal commitment to the new version of the league.
