Scott O’Neil, who once helped rebuild the Philadelphia 76ers during a long and controversial period known as “The Process,” is now the central figure in a desperate attempt to save LIV Golf. The agreement, he said, would be finalized by September. While he remained upbeat, recent troubles for LIV Golf included the cancellation of a June tournament in New Orleans. A Team Championship event in Michigan is likely to also be scrapped. The league’s latest champion, Lucas Herbert, admitted that his manager was already talking to the PGA Tour about coming back. This raises further concerns about player loyalty. It also raises concerns about the appeal of the fledgling circuit.
The most damaging blow to LIV came from the withdrawal of the Saudi Public Investment Fund, which had bankrolled the league with billions of dollars. The PIF’s exit in the spring signaled that the Saudi government had grown tired of supporting a league that was never going to gain mainstream traction. This move left LIV without its largest financial lifeline, and the league’s survival suddenly looked much more uncertain. The loss of the PIF wasn’t just about money—it also removed the public relations buffer that came with Saudi Arabia’s involvement. Without that backing, LIV was exposed as a struggling venture that had failed to live up to its own hype. O’Neil, who took over as CEO just 19 months ago, is now the last person trying to turn things around.
The collapse of a merger deal
Three years ago, PGA Tour commissioner Jay Monahan and PIF governor Yasir Al-Rumayyan appeared on CNBC to announce a deal. The deal would have brought the PGA Tour, LIV Golf, and the DP World Tour under one umbrella. That plan, often seen as a forced surrender by the PGA Tour to financial pressure, ultimately collapsed. The merger had been an attempt to stop the war between the PGA and LIV. But it fell apart before it could take shape. The PGA Tour, instead of going forward with the Saudis, found a different partner in the Sports Strategic Group. That group invested up to $3 billion to create a for-profit arm called PGA Tour Enterprises. This move reduced the need for a merger with LIV and left the upstart golf league in a far weaker position.
The PGA Tour’s original strategy had been to outspend LIV and force the smaller league into submission. His successor has taken a more aggressive stance, including using emotional appeals tied to 9/11 families to criticize the players who joined LIV. These tactics have not only drawn criticism but also highlighted the PGA Tour’s fear of competition. With the Saudi money gone and new financial backing for the PGA Tour in place, LIV is left to fend for itself without the same financial tools.
The future hinges on top players
The success of LIV now depends heavily on retaining its top stars. Jon Rahm, one of the league’s most prominent players, is owed large sums of money. According to the Financial Times, the PIF is being considered as a potential party to buy out his contract. The contract would be bought out at a discounted rate. Meanwhile, Bryson DeChambeau, another high-profile player, is set to become a free agent. His representatives are in a position to push for a market-driven deal. Options include a return to the PGA Tour or even pursuing a career in content creation. DeChambeau’s next move could determine whether LIV remains viable or becomes irrelevant.
O’Neil, who previously played a key role in trying to lure LeBron James to the New York Knicks, now faces a similar challenge with DeChambeau. In his earlier role as president of Madison Square Garden, O’Neil was part of the team that tried to convince James to sign with the Knicks. At the time, he promised that James would make more money off the court in New York than anywhere else. That pitch failed, and James ultimately chose Miami. Now, O’Neil must convince DeChambeau to stay with LIV, or the league could face its end. Failure to do so would mean the collapse of the entire venture.
Despite the odds, O’Neil remains confident. He claims that LIV is the first sports league in history to be majority-owned by its players. A model he describes as revolutionary. While this concept could potentially attract more talent, the immediate challenge remains securing enough financial backing. The financial backing is needed to keep the league open. The pressure is on O’Neil to deliver a viable future for LIV. But with so many uncertainties—canceled events, lost investors, and players weighing their options—the road ahead looks increasingly narrow.
O’Neil insists that he has what it takes to lead the league out of its troubles. He spoke of the “exciting” nature of the challenge and the opportunity to create something new in sports. But with so many unanswered questions and the clock ticking toward September, the real test of his leadership is about to begin.
O'Neil announced on Wednesday that LIV's board had signed a term sheet with a new lead investor that, according to him, will keep the tour alive in 2027 'and 2028, and 2029, and 2030.' O'Neil didn't explain who the investor is, or how much money might be coming LIV's way, or under what conditions. The tour released a statement that was similarly cagey about the details, but also boastful about its status as a hot investment opportunity. 'We're also seeing strong interest from more than a dozen additional parties to potentially serve as minority investors, creating a multi-partner model built for long-term stability and growth,' the statement said. The tour also announced that in the future LIV's players will become majority equity shareholders, and will have their Name, Image, and Likeness rights returned to them. After LIV promised that a healthy investment was coming its way, Bloomberg reported that the tour is working to secure a loan from private equity firm BC Partners, which has a financial relationship with GSE, an agency that represents multiple LIV golfers. It's not clear if this loan is the big investment that O'Neil was trumpeting, but the appearance of GSE calling in a favor to help keep the tour afloat does not inspire much confidence.
O'Neil outlined plans for LIV to hold just 10 events per season, with five in the U.S. and five abroad. When asked if he felt that stars like Bryson DeChambeau and Jon Rahm would be excited to stay with LIV under these conditions, O'Neil sounded uncertain: 'We would certainly love them to come along for the ride.' O'Neil also did not provide clarity on whether the tour's big Team Championship event, which is supposed to happen at the end of the month and pay out a $40 million purse, will be played. 'This is a very fluid situation,' O'Neil told reporters on Wednesday. 'We just don’t have any update or certainty.'
