LIV Golf CEO Scott O’Neill told CNBC on Tuesday that the company needs to trust Saudi Arabia’s Public Investment Fund to support its golf business through the rest of the season as promised as the funding cliff approaches.
“I can say they have been a great partner so far, and a great organization like PIF must take them at their word,” O’Neill said. “They’ve been very public about funding us throughout the season, so we’re full steam ahead.”
CNBC reported in late April that PIF plans to withdraw funding from golf leagues with a schedule by the end of 2026. PIF Chairman Yasir Al-Rumayan also resigned from his position as LIV Golf Chairman.
The organization launched an investor roadshow last month, seeking to raise up to $350 million from interested parties to continue operating.
However, recent media reports have suggested that the PIF may withdraw funding sooner than planned, raising questions about whether the league will even be able to finish the season.
Asked about these reports, O’Neill said players, management and advisors were “locked up.”
Asked if he could guarantee that the remaining four tournaments on this year’s schedule would be held, O’Neill said: “What I can guarantee you is that if you invest in this business, you will get a huge return.”
He added that organizations need to be “disciplined and very, very value-creating” to be sustainable.
“I think we have a very special opportunity to create tremendous value,” O’Neill said.
O’Neill said so far he has held five formal meetings to discuss interest in funding the organization, with 18 more scheduled this week. He said the response has been “positive” and he hopes to wrap up the fundraiser this summer.
“We have incredible business momentum, but we don’t have a lot of time, so we are urgently talking to people who are interested,” he said.
