Padraig Harrington said LIV Golf could survive in a smaller, scaled-down form after the loss of funding from Saudi Arabia’s Public Investment Fund, as the circuit weighs new money, smaller purses and a leaner schedule. Speaking at the PGA Championship at Aronimink Golf Club in Newtown Square, Pa., Harrington said the players themselves want the tour to keep going.
“Everyone is preparing for it closing and en masse them wanting to come back, but the LIV players themselves are saying they want to keep it going and stay out there,” Harrington said. He added that the golfers he spoke with last week believe they have a chance to raise enough money to continue and are willing to accept cuts in prize funds if that helps keep the league alive.
Harrington said he was told LIV needs to raise $100 million to keep going, a figure he called low but achievable. He said the players are happy to take a cut in their prize funds to do that. A player agent said LIV could still stage tournaments in six to eight international markets next season, with purses in the $5 million to $10 million range, far below the $30 million purses up for grabs at 14 events this season. The agent said the circuit could still play in places such as Australia and South Africa, but could not keep losing money in Chicago while Indianapolis worked.
The funding questions have become more urgent as Scott O’Neil was at the PGA Championship last week and Axios reported Monday that he is seeking upwards of $250 million from new investors. That report said prospective investors would be told the full $250 million could get LIV to profitability within around 20 months, while about $150 million could also be raised if the circuit banks on rising team values and a new media rights deal. LIV plans to share its plan with players early this week.
Harrington suggested the answer may be a different product altogether. He said the league could move toward more team play, with six-man teams, 12 weeks and only four players competing in a given week creating an eight-week schedule that could be spread out late in the year. He also said the circuit would be more sustainable if it focused on the team product outside the PGA Tour schedule in coordination with the European Tour.
The future of LIV Golf now appears tied to whether it can convince players, investors and organizers that a slimmer version of the league can survive on less money. Harrington’s view was blunt: “It could be more sustainable.”
