LIV Golf CEO Scott O'Neil announced on Wednesday that the league has secured a "lead investor" to ensure its survival, with a signed agreement in place and approved by the LIV Golf board. The transaction is expected to close in September.

The investor's identity remains undisclosed, but O'Neil revealed that the deal will make players the majority equity holders in LIV Golf, a first for a major global sports league. This move is seen as a significant shift in the league's governance, giving players substantial control.

While the exact amount of capital infusion was not disclosed, reports from Sportico suggest LIV Golf was seeking between $250 million and $350 million. Additionally, more than a dozen other parties have expressed interest in becoming minority investors, creating a multipartner model aimed at long-term stability.

This news comes after a turbulent period for LIV Golf. Saudi Arabia's Public Investment Fund (PIF), which had invested an estimated $5 billion since the league's launch in 2022, announced in April that it would cease funding at the end of 2026. This led to the cancellation of LIV Golf's New Orleans event and reportedly the season-ending team championship in Michigan, with even bankruptcy protection being considered.

O'Neil stated that the new agreement will "play a key role in supporting the path forward for the league's next era, driven by and for the players." He also mentioned strong interest from additional parties, indicating a robust investment landscape for the league's future.

LIV Golf returns to action this weekend with its New York tournament, starting Thursday at President Donald Trump's golf club in Bedminster, New Jersey. This event marks the beginning of a new chapter for the embattled league, which has faced uncertainty over its financial future.

Source: www.aljazeera.com