LIV Golf CEO Scott O’Neil told CNBC Tuesday that as a funding cliff approaches, the organization has to trust Saudi Arabia’s Public Investment Fund will back the golf venture through the rest of the season as it has promised.
“I can say they’ve been terrific partners so far, and you have to take an incredible organization like PIF at their word,” O’Neil said. “They’ve been very public about funding us through the season, so we are full steam ahead.”
PIF is set to pull its funding from the golf league at the end of 2026 schedule, CNBC reported in late April. PIF Chairman Yasir Al-Rumayyan also stepped down from his position as LIV Golf chairman.
The organization began an investor roadshow last month, seeking to raise up to $350 million from stakeholders to continue its operations.
But recent media reports suggested PIF could pull its money earlier than planned, raising doubts about whether the league could even finish out its season.
When asked about those reports, O’Neil said the players, management and advisors are “locked in.”
Asked if he can guarantee that the four remaining tournaments on this year’s schedule will take place, O’Neil said that what he “can guarantee is a heck of a return if you come invest in this business.”
He added that the organization now needs to be “disciplined and very, very value-creative” in order to be sustainable.
“I think we have a very, very special opportunity to create tremendous value,” O’Neil said.
So far, O’Neil said, he’s had five formal meetings to discuss interest in funding the organization, with 18 more planned for this week. He said the response has “been positive” and that he hopes to end the fundraising process this summer.
“While we have incredible business momentum, what we don’t have is a lot of time, so we’re very urgently out there talking to those who are interested,” he said.
Source link
#LIV #Golf #faces #Saudi #funding #cliff #CEO #PIF #word
