RESOLVING THE LEDGER
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LIV Golf is laying off the majority of its workforce while it tries to secure funding to keep the breakaway competition alive, after Saudi Arabia’s Public Investment Fund said it wouldn’t provide any more cash. Affected employees will leave in the first week of September as work continues to raise funds to relaunch “LIV 2.0.”
LIV has said it’s confident about getting new backers to replace PIF, which has poured $5 billion into the league. The circuit was something of a passion project for PIF Governor Yasir Al-Rumayyan, an avid golfer. But the league had been unable to attract enough advertising or sponsorship revenue to offset the huge signing bonuses paid to bring in some of the sport’s biggest names. Elsewhere, PIF has been cutting spending and scaling back the ambitions of many of its plans.
— Matthew Martin
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