LIV Golf has launched a new strategic move to attract private capital into its ecosystem. The circuit, funded by the Saudi Sovereign Wealth Fund (PIF), aims to raise up to $600 million through the minority sale of stakes in two of its teams, in an operation that would mark a turning point in the evolution of its franchise model within professional golf.
To do so, the organization has hired Citi Group to lead the sales process and explore interest from potential investors. The ambition is clear: for its thirteen franchises to reach valuations close to $1 billion in the medium term, consolidating a structure more akin to major American sports leagues than to traditional golf.
A team-based model seeking market validation
According to Bloomberg, LIV Golf is negotiating minority stakes that could value each of these teams at around $300 million. Under this structure, team captains — top-tier figures such as Jon Rahm, Dustin Johnson, Bryson DeChambeau, and Phil Mickelson — would retain 25% ownership of their respective franchises, reinforcing the sense of belonging and sporting leadership within the project.
From within the organization, the focus is not solely on the sale itself, but on developing a commercial ecosystem around the teams. “Right now we are focused on things like driving sponsorship revenue; we are also building new businesses under the teams and leveraging and utilizing our rights,” explained Katie O’Reilly, LIV Golf’s executive vice president of commercial operations, showing that the strategy is to turn franchises into independent commercial platforms.
Sponsorships, tensions with the PGA Tour, and a distant reunification
At the same time, LIV Golf has set a target of reaching $500 million in commercial revenue through sponsorship deals with brands such as Saudi Arabian Oil, HSBC Holdings, MGM Resorts International, and Salesforce. These agreements have become a key pillar while the circuit continues to await a definitive resolution in its merger talks with the PGA Tour and the DP World Tour, a process that has been ongoing since the initial framework agreement announced in June 2023.
Structural differences remain the main obstacle. While LIV defends a hybrid format combining individual and team competition, the PGA Tour continues to back the traditional model. Skepticism has also been voiced by prominent figures such as Rory McIlroy, who acknowledged that he does not see a near-term reunification scenario. The scale of these negotiations has been such that they even reached the White House, with public statements from Jay Monahan thanking President Donald Trump for his interest and the support of players like Tiger Woods and Adam Scott throughout the complex process.
