The Saudi PIF has decided to cut off funding to LIV Golf after five years and over $5bn of investment - the big question now is can LIV still survive?
LIV Golf CEO Scott O'Neil is the man tasked with bringing in new funding for the team golf tour, along with a new board that has been brought on specifically to restructure the business and secure new funding.
Just how much funding is needed will be a key question as it's clear the losses the PIF was burning through can't be tolerated in a regular business model.
Yes, LIV has seen increases in turnover and sponsorship deals of late, but costs have to be slashed dramatically - and that will need to come from prize money, signing bonuses, concerts and other big build-outs.
LIV is sure the future lies with the team franchise model and investors ploughing money into them - but as an example, how much are the Crushers worth without Bryson DeChambeau?
So while 'will' LIV survive is a slightly different question to 'can' it survive, the answer to both of those is the same - it totally depends on the players.
LIV needs to slash costs to survive
Whoever comes in to back LIV Golf, the costs just can't keep on at current levels. Any start-up needs cash, and with this one trying to change the face of global golf it was going to take a lot.
And let's face it, the PIF has the deepest pockets on the planet, so why not splash the cash and hand out juicy singing bonuses for Phil Mickelson, Dustin Johnson, Bryson DeChambeau and most recently Jon Rahm?
That's not to mention all the other signing fees that may not stretch into nine figures but will all add up.
And crucially here, just what's left on those contracts that still needs to be paid up in the coming years? That's an expense new investors could do without.
There's also running costs at some of these tournaments, with big names headlining post-round concerts and big stadium hole build outs, could costs be cut here?
But the crucial one is the prize money - splashing out $30m for every tournament ($20m for individuals and $10m for the team event) didn't seem that sustainable even with Saudi investment.
Without it, it looks near impossible. It's highly unlikely anyone would look at LIV's books, with the losses being made ($100m per month according to Money in Sport) and think retaining that sort of prize fund is a good idea.
And that's where the players come in - while most would stay as LIV would still be their best option even with only half as much prize money on offer, would the big names stick around if their prizes funds were slashed?
What makes LIV an attractive investment?
Let's move on to some good news. The event experience for fans seems to be excellent.
Adelaide this year saw 115,000 fans while South Africa welcomed 100,000, and LIV Golf told us 30% of fans attending its events have never been to pro golf tournaments before.
With 50% of tickets sold in 2025 going to under 45s and half of those being female, that's definitely a different demographic it's tapping into. That's got to be good for golf, right?
It does have a global reach now, even if visibility and growth in the USA isn't great, and sponsorship is up around $100m ahead of last year.
Hospitality sales are up and new big-name partners such as Rolex and HSBC have come on board. In short, even though it must be said it's from a low base, all the numbers are rising.
There's also been title sponsors for this year's events, although the caveat here is that three of them - Aramco, ROSHN Group and Maaden - are Saudi based and you wonder if they will continue without PIF involvement.
So there's certainly something to work with - global events, a couple very well attended, and numbers heading in the right direction.
As with all of this, though, the product will only keep heading in that direction if the top players remain.
What does LIV need to do to survive?
This really is a tough one, as the crux of the matter is the 'new' LIV Golf has to somehow keep the same level of product but slash running costs.
Will Bryson DeChambeau stick around and sign a new contract without the hundreds of millions he's reportedly been asking for? He did recently say if LIV continues he would stay. "“As long as LIV is here, I would figure out a way for it to make sense," he told Flushing It Golf recently.
Will Rahm, Tyrrell Hatton, Cam Smith, Joaquin Niemann, Tom McKibbin and all the rest stay loyal to growing the game globally if they're not playing for $30m every tournament? It remains to be seen.
For the vast majority of the 57 players on the LIV roster, it makes sense to stay even if the financial rewards take a major hit - considering their alternatives would be circuits like the Asian Tour or DP World Tour.
But it's those elite handful of stars that can be the difference, and what it all comes down to is has LIV Golf done enough to make the golf competition in itself worth backing without the marquee names?
Whether it is an event fans will want to attend if DeChambeau and Rahm aren't playing is up for debate.
The geographical element helps. Fans in Australia and South Africa would likely come out to see their own teams play regardless, but you'd need 10-14 events as well attended as those two have been to stand a chance.
LIV has just not put enough roots down yet for fans to go to, watch or read about it without these star names - without those, it's a lesser product, from viewing figures and ticket sales to online views and, crucially, sponsorship.
This is not a new thing, this has been something every golf tour has struggled with in the past, and it's a financial tightrope LIV will have to navigate.
So, 'can' LIV survive? Absolutely it can, but 'will' it survive could all come down to the players and potential investors.
What do you think? Let us know in the comments section below.
