Indianapolis: It's been more than four years since the launch of LIV Golf rocked the game, with a brash breakaway league, bankrolled by Saudi Arabian billions, luring top players with promises of big money. Still, it divides opinion in golf and has split the loyalty of its champions. But it could all come to an end soon. After the league's Saudi backers pulled its funding—having spent more than $5 billion (£3.6 billion)—this week's abortive season finale could be the end. That's unless a new deal is struck, soon.
According to BBC, the final event of 2026 at an exclusive golf club in Indianapolis presented a strange atmosphere of surface-level optimism, but deep uncertainty. LIV staff have learned to put on a brave face, and that was no more necessary than this week at Chatham Hills Golf Club. Despite endless questions about the future, they still had a tournament to host, and LIV Golf's white knight was in town—referred to as "the investor." The phrase "LIV 2.0" was used on countless occasions by the league's leadership as a dream they are clinging to, representing a new chapter for LIV.
There did appear to be genuine optimism that a deal could be struck. LIV Golf chief executive officer Scott O'Neil believes he can pull off the near-impossible, and so do many of those closest to him. However, there was widespread acknowledgment that, if they do achieve it, the process won't be easy. One insider remarked "it's darkest before dawn," while another said "it will get worse before it gets better." Work is happening at "breakneck speed" behind the scenes due to the pressure of players needing clarity on their futures, events needing to be organized, and sponsorships agreed.
However, pessimism was also present among players, caddies, staff, and volunteers who shared their views with BBC Sport, with one describing it as the "last hurrah." One senior figure within golf's media remarked: "We're at the hospice, not the funeral."
If a new era of LIV materializes, much of the format is expected to stay the same, with a shotgun start, team competition, and music. But change will be felt in the boardrooms and players' pockets. The "free-spending" days are over, and if LIV does get a second chapter, it will need to be run more financially disciplined, given overall losses are expected to have run into several billions of dollars. BBC Sport confirmed that the prospective investor for LIV 2.0 is Ted Goldthorpe, head of the credit division of BC Partners. Goldthorpe attended LIV's most recent event in Bedminster, New York, and O'Neil said he was spending time "looking under the hood" of the league.
In Indianapolis, Goldthorpe kept a low profile, meeting players as a group and setting out his vision for making LIV sustainable and profitable. Selling franchises will be part of the plan, and there is reported "significant interest" from investors. O'Neil said the ambition was to set LIV up so it was "built to last."
Players have been promised equity under a deal with a new investor, but details remain unknown. They will also regain key commercial rights to maximize their own endorsements. Prize money was roughly half this week compared to previous events, signaling changes to come. On the PGA Tour, prize money has increased due to LIV's presence. If the PGA Tour follows through on a two-track system, LIV prize money would likely sit between those and higher than the DP World Tour.
Players' futures are critical to LIV 2.0. CEO O'Neil emphasizes the focus on reaching a transaction, acknowledging that without players, this becomes very difficult. Northern Ireland's Graeme McDowell described the mood as "subdued," with players having different mindsets and concerns over their futures.
When asked about his future, Cameron Smith, who joined LIV after winning The Open in 2022, expressed his love for LIV and its impact on his family and golf in Australia. However, he acknowledged that the end of the season would bring time to consider his options.
Several players chose not to speak on record, and there was an "emotional" feeling among the group as they awaited clarity. Jon Rahm and Bryson DeChambeau avoided media discussions, with DeChambeau noting the challenges ahead. Brendan Steele, however, expressed his commitment to staying with LIV.
The past week has been described as "extraordinary," with unexpected changes, including the cancellation of the team event in Michigan and the absence of live music sets, which had been staples at LIV events. There were also reports of unpaid invoices and slower prize money payments, although the latter issue has been resolved.
As the focus shifts to securing a transaction for LIV 2.0, options such as filing for bankruptcy or pre-packaged insolvency are considered. O'Neil remains optimistic, citing LIV's global reach and growing revenue. Securing a profitable future will require a shift in outlook and spending.
