LIV Golf reportedly cancels $40M season-ending team championship as league's future remains in doubt

LIV Golf told its players Wednesday that the league's $40 million season-ending team championship, scheduled for Aug. 27-30 at The Cardinal at St. John's in Michigan, has been canceled, according to The Telegraph . This marks the second tournament the league has been forced to cancel in 2026 after previously nixing a $30 million event scheduled for New Orleans in June.

Several players told The Telegraph that they are unaware whether the league will pay out the $40 million in team prizes as doubt continues to swirl around the long-term future and viability of LIV Golf.

LIV Golf New York took place last week, and LIV Golf Indianapolis is still scheduled for Aug. 20-23 at The Club at Chatham Hills. The Indianapolis tournament will now double as the final event of the 2026 season.

CEO Scott O'Neil claims the league has secured funding to continue operations beyond 2026 ... with notable changes .

"LIV Golf has an agreement in place with a lead investor, signed by the investor and approved by the board, to anchor the transaction and play a key role in supporting the path forward for the league's next era, driven by and for the players," said O'Neil on Aug. 5. "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.

"Notably, our next chapter will make our players the majority equity holders in LIV Golf, a first for a major global sports league, and gives the league the foundation to keep growing the game worldwide. We anticipate finalizing terms in the coming weeks, with the goal of entering a transaction in September. In the meantime, our focus is on delivering a great week for fans and players at Bedminster and finishing the 2026 season strong."

Additional financial details, including which party will serve as the primary investor and how much is being contributed to league operations, were not part of the announcement.

LIV Golf will not only have new financial backers but also a new look dubbed LIV 2.0. The league will host 10 tournaments (down from 14), five domestic and five international. What are presently $30 million purses will also drop to a lower figure as the league tightens its belt and attempts to run a leaner operation, according to Golf.com . Further, players will be allowed to play on other tours while regaining commercial rights to their name, image and likeness.

LIV Golf's cancellation of its team championship comes shortly after the Asian Tour entered a partnership with the PGA Tour and DP World Tour. As part of the existing strategic alliance between the two leagues, the partnership helped establish pathways from the Asian Tour to the DP World Tour, effective immediately. The Asian Tour had worked with LIV Golf since 2022, promoting its top players to LIV Golf.

In April, Saudi Arabia's Public Investment Fund announced that it would be pulling its funding from LIV Golf at the end of the 2026 season. PIF chairman Yasir Al-Rumayyan also stepped down from the league's board as a part of this decision.

The league went shopping for outside investment, seeking $250 million to $300 million. That is not the only financial maneuver it may make, as reports have suggested the league may file for bankruptcy, turning players who are still owed contract money into creditors.

When asked at LIV Golf UK if he expects to play on LIV Golf in 2027, Legion XIII captain Jon Rahm said, "I'm not going to share anything that I can't share with you guys right now."

While Rahm has been consistently vague about his plans, Bryson DeChambeau, whose LIV Golf contract runs out after the 2026 season, has frequently committed to remaining a part of the league.

Indexed and credited by AIPROPX. Originating outlet: CBS Sports. Open at source →