Now what about LIV Golf? The CEO gives clues as to the surrounding uncertainty

What’s next for LIV Golf?

Jon Rahm sounds as curious as anyone.

“I don’t think he would ask anybody to buy anything without giving us a business plan first,” Rahm said Tuesday. “Until we have that, I don’t think we can answer anything else, can we? It would be speculation at that point.”

Rahm, the league’s best and highest-paid player, was speaking at a pre-tournament press conference ahead of LIV Golf Virginia, which begins Thursday amid lingering questions about the future of the league. Last week the Saudi Public Investment Fund announced that it will stop supporting the league at the end of 2026; now the question is what happens in 2027.

The “he” Rahm is referring to is Scott O’Neil, CEO of LIV Golf, who appeared Tuesday for the first time since the PIF was announced. He first answered questions from LIV’s Chief Communications Officer Ilana Finley, and then from a panel of reporters. And while we, like Rahm, will have to wait for specifics about that plan, O’Neil revealed a lot in the 45-minute span. Let’s take a look at what we learned – and what we didn’t.

1. When LIV Golf comes into play, it will be heavily modified

This became true as soon as the PIF withdrew funding; there is no way that new investors can sign on to the current financial reality of LIV, which is reported to include the number of nine people in monthly burning.

But it was nice to hear Finley, the CCO, use phrases like “reset the business plan” and “engage players in a new model” while O’Neil said it’s been clear for more than a year that the LIV model would require “significant and significant changes” — clearly acknowledging that the league’s business plan is essentially starting from scratch.

O’Neil laid out the plan – or plan to make a plan – as follows:

“The priorities are clear. First and foremost, we need the players to be stable, focused and focused on the game of golf. That’s first and foremost,” he said.

“Secondly, we have to create a plan that is a business plan, a business that operates from a business perspective, from a profit and loss perspective, like all businesses in the world, and we are on our way to that.

“Third and perhaps most important – and I’ve been blessed with this all my life – you surround yourself with smart, talented, experienced people.”

2. LIV relies on new advisors to help with restructuring

LIV added two new board members, Gene Davis and Jon Zimman, investment bankers familiar with dynamic businesses; Davis’ most recent “change management” experience includes senior work with Spirit Airlines.

“Gene is over 350 this time, how about that?” O’Neil said, praising the duo’s “urgency” and “speed.”

LIV also brought in financial advisory firm Alix Partners, which specializes in turnarounds and restructuring. O’Neil called them “extraordinary advisors” who want to expand the league’s trajectory.

LIV continues to rely on the law firm Gibson Dunn, as it has done on various high-profile litigation chapters since its inception.

And LIV has brought on Ducera Partners, with which O’Neil has a history, as an investment banking adviser as it tries to transform its business model.

“We’re locked in when we go to market with a plan. It’s deal, deal, deal. That’s what I wake up thinking about. That’s what I go to bed thinking about. That’s what I think about when I eat. That’s what I think about when I’m on the golf course,” O’Neil said.

3. O’Neil sees himself as a wartime CEO

O’Neil acknowledged that LIV is in a precarious position but said he welcomes this kind of upheaval, calling it “an opportunity for change.”

“I understand that uncertainty is difficult for some people, and I understand that not knowing what the future holds can be a challenge,” she said. “This is 100 percent what I love to do, right now. Everyone is meant for something in their life. I believe this is what I am meant for. I love this moment.”

4. The PIF pull has O’Neil in a tricky position

O’Neil has a tricky line to walk with the sudden withdrawal of funds from the PIF. The shock of the project and he looks unprepared. He said he saw it coming and it looked like he was hiding something from his players. After all, O’Neil told LIV golfers that the league’s funding has been secured for another five years. On Tuesday, he hinted that it would be “foolish to be surprised” by their sudden announcement.

“Was I surprised? I don’t know, it’s hard to even think at that time. So I better not comment on how I really felt, my feelings. I can tell you that it was very clear 18 months ago that this will be a continuing concern, that we will have to make significant and important changes in the way we do business,” he said. He continued:

“So it would be foolish to be surprised, and it would be reckless to think about anything other than how far we have to go to make sure we can continue to grow this game globally.”

5. You see LIV Golf as a “mission”

The big important question that LIV now faces is why. Why is there an alternative to the PGA Tour and the DP World Tour? What is its nature? The golf club is one differentiator, but O’Neil has repeatedly expressed the idea that it is a mission-based organization.

“I’ve been a professional golfer for the last 30 years of my life, and I’ve never been among a group of more remarkable men who believe in growing the game of golf around the world, who are willing to get on a plane and go and make it happen, who stand for hours in the scorching heat after a brutal round and spend time with your biggest Rarry stars—your Jonry stars’s— DeChambeaus — signing autographs for hours. He added. saying that the “anger” and “disagreement” from LIV’s uncertainty has been removed, in part, “because our goal is very clear, and that is to grow the game of golf around the world.” Part of that is that we go door to door.”

6. You see the importance of LIV in its franchises

O’Neil fired several reminders of the rise in American sports prices – the Utah Jazz went from $13 million to $1.8 billion, the Philadelphia Eagles reached more than $8 billion, the growth of the NWSL and WNBA – to introduce the idea that LIV teams can cost more money, too.

“If you ask me where is the importance of this business, it is in the groups. If you are looking for a way, we believe that the groups will have an amazing value,” he said. “We believe that once we get the business on the right track on the right track, with the right revenue base and the right cost base, which we’re on track to do, that these groups will have incredible value. And that’s where, if you’re an investor and you’re listening to this or reading this, that’s where you’re going to get your value.”

As for how the sale of a certain group will work?

“We will create a business plan. We will lock weapons and players. We will go to the market and collect money at the top, at the league level, and then we will get investors from the teams, that way.”

7. The player’s salary remains unknown

O’Neil was asked if the PIF was willing to pay any player contracts that extend beyond the 2026 season. “I don’t even know what to say [that],” O’Neil said.

He emphasized the relationship between league leaders and players — “There’s no daylight between what I’ll know and what Bryson or Jon or Phil or Bubba or Cam or DJ will know,” he said — but because future funding is unknown, neither is player pay.

Rahm actually took this question seriously in his press release:

“I believe that in order for the business plan to change, whatever they come up with, we will have to have consensus on our part, yes,” he said.

8. Bryson DeChambeau’s status is “special”

LIV’s most important player, Bryson DeChambeau, is only signed until the end of 2026. His commitment to the league going forward — or lack thereof — could have a big impact on potential investors.

“Well, that’s an interesting question. I’m not sure. We’ll adjust and adjust properly,” O’Neil said of going to the market with or without DeChambeau. “I appreciate this question. It’s just – Bryson’s specialty. He’s unique and special. He wants to talk about a business partner, we’re literally talking about the future of LIV Golf, I’m talking to him about how he sees, not only golf, but business? He’s smart, driven, dedicated, and a partner of a partner.”

9. O’Neil took shots on the PGA Tour

LIV’s CEO praised team golf as a reason to believe in the league’s future, citing the impact of the Ryder Cup and “the impact the Presidents Cup used to have when it had all the top players in the world playing in it.” The President Cup is managed by the PGA Tour and therefore prevents LIV golfers from qualifying for the US side (like DeChambeau) or the international team (like Joaquin Niemann, among others).

He returned to that point later, calling on the Tour to ban LIV golfers from playing PGA Tour events for several weeks.

“Since we were founded, we have never imposed restrictions on our players – that is from bans, fines, not us. No, go and play where you want to play. We believe in free golf, free agency. We believe that players should play when they want and where they want as long as they sign up for the 14, and we will stick to that.

It’s worth noting that LIV golfers are prohibited from playing PGA Tour events during LIV weeks, and PGA Tour players will not gain entry to one-off LIV events.

10. O’Neil believes there is interest from investors

While some experts were dismissive of LIV’s performance, O’Neil expressed confidence. He cited the crowds at successful events such as LIV’s stop in Adelaide, Australia and its debut in South Africa, where each drew 100,000-plus viewers throughout the week. He mentioned the “nationalist movement” as groups that are united like all the Aussie Rippers, all the Southern Guards of South Africa or the Korean Golf Club.

He called for an increase in the partnership of companies and old brands such as Rolex, HSBC, Salesforce and Qualcomm. He added that he was happy to be accepted by LIV for the big titles. And he said the players themselves offered a clue to potential investors.

“I had about a dozen phone calls this weekend, from potential investors, that’s good news,” he said. “So it was a split between private equity, family office, and then your traditional high-end — you probably know who they are, the guys who put money into sports teams and sports. So that’s been really good.”

LIV Golf continues. The question that remains is where it goes.

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