LIV Golf CEO Scott O’Neil was in a celebratory mood on Wednesday, and on the face of it, he had reason to be.
The upstart golf league has had its future in flux for months after it was revealed that Saudi Arabia’s Public Investment Fund (PIF) would pull its backing for LIV at the end of this season. Given that LIV was largely funded by the PIF, and many of its stars are on high-dollar contracts based on that Saudi money, it seemed like the end.
Speaking at Trump National Golf Club in Bedminster, New Jersey, on Wednesday, O’Neil went in front of the press to say the show goes on.
“It’s very good news. We’re very fortunate that a lead investor has signed a term sheet approved by our board, which will carry and fund LIV going forward. It’s very good news for us,” O’Neil said. “The players are – I informed them yesterday. This is real-time information. We have good excitement.”
O’Neil said it’s a revolutionary idea for a sports league. Not only will LIV Golf continue to be funded, but players will own the majority stake in the league – a first in major professional sports. It all amounts to a league that will be here for the foreseeable future, rather than the doomsday scenario painted by critics, according to O’Neil.
