LIV Golf lays off majority of staff as PIF funding ends
LIV Golf said on Wednesday it has laid off the majority of its workforce while it continues to secure funding for its next iteration with financial backing from Saudi Arabia's Public Investment Fund set to expire.
LIV Golf announced on Wednesday that it has laid off the majority of its staff as funding from the Saudi Arabia Public Investment Fund (PIF) is set to expire. The PIF has invested over $5 billion (€4.3bn) in LIV Golf since its inception in 2022, but announced in April that it would cease funding at the conclusion of the 2026 season.
In response, LIV is downsizing its operations as it transitions to the next phase, LIV 2.0. The company informed its employees on Wednesday that their employment under LIV 1.0 will end in early September. LIV CEO Scott O Neil expressed gratitude for the employees' dedication during a press conference, stating that the workforce reduction was anticipated and that the company remains optimistic about the future of LIV 2.0.
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- LIV Golf lays off majority of workforce sports.yahoo.com
- LIV Golf lays off majority of staff as PIF funding ends channelnewsasia.com
