LIV Golf, which ended its season early and now faces an uncertain future, has told employees it will begin large-scale layoffs.
Citing a LIV Golf spokesperson, AFP and ESPN reported on the 27th, Korean time, that the circuit will begin terminating employment next week as part of a sweeping restructuring aimed at keeping the tour running next year.
Launched in 2022 with backing from Saudi Arabia's Public Investment Fund, LIV Golf has been in financial trouble since the PIF decided earlier this year to halt its support. The fund created the circuit by recruiting a large number of top stars from the U.S. PGA Tour and has since poured $5 billion, or about 6.6 trillion won, into the venture. The tour, however, failed to draw the audiences it had counted on.
LIV Golf canceled its Team Championship, originally scheduled for this week, and closed out the season with last week's event in Indianapolis. Individual prize money at that tournament was cut in half. The circuit is also facing lawsuits from several suppliers over unpaid service fees.
Chief Executive Scott O'Neil has said he has found a new investor, though the deal is not believed to be final. LIV Golf has also asked some of its players to take equity stakes, according to reports.
Some players who competed on LIV Golf could return to the PGA Tour or other circuits, but PGA Tour Chief Executive Brian Rolapp ruled that out for now, saying there are no plans to restart a returning-member program for LIV Golf players.
