By Frank Pingue
Aug 26 (Reuters) - LIV Golf said on Wednesday it has laid off the majority of its workforce while it continues to secure funding for its next iteration with financial backing from Saudi Arabia's Public Investment Fund set to expire.
The PIF has poured more than $5 billion into LIV Golf since the breakaway circuit launched in 2022 but said in April it would cut funding at the close of the league's 2026 season, which ended at the weekend.
"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," a LIV spokesperson said in a statement.
"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."
The workforce reduction was expected as LIV had notified its corporate employees in the United States and Britain of potential staffing reductions.
LIV has a global staff of more than 300 people and remains optimistic about the return of many of those employees should LIV 2.0 move forward.
The rebel circuit, which used massive signing bonuses to poach big-name players like Bryson DeChambeau and Jon Rahm, remains confident about its ability to finalise a potential transaction that will make its next iteration a reality.
LIV has signed a term sheet with a lead investor that would fund the league in 2027 but it is a non-binding agreement and has not been finalised.
LIV Golf CEO Scott O'Neil spent time during his press conference ahead of the season-ending event in Indianapolis to thank the league's employees for helping them get through the year.
"You showed up with work ethic and passion, and you did everything you possibly could to make the season happen," said O'Neil.
(Reporting by Frank Pingue in Toronto, editing by Ed Osmond)
