LIV Golf Is Running on Loans Now, Not Capital
A look at recent Companies House and Jersey filings — plus new comments from LIV CEO Scott O'Neil — on what they reveal about LIV's financing structure heading into the back half of 2026
Recent company filings in Jersey and UK indicate that The Public Investment Fund of the Kingdom of Saudi Arabia (PIF) has put a lending facility in place to fund LIV Golf while management focuses on bringing in new investors and fresh capital.
Here is a timeline of LIV financing events this year:
‘LGI’ refers to LIV Golf Investments, the Jersey company at the top of the LIV structure. ‘LGH’ is LIV Golf Holdings, the owner of LIV Golf Limited (UK) and (probably) LIV Golf, Inc in USA. Here is a chart of the LIV structure:
Normally increases to the LGH capital occur immediately following new capital raises by LGI from PIF. However the May 2026 capital increase of $66 million by LGH happened without a corresponding increase in the LGI share capital. The most likely explanation is that management has delayed the corresponding LGI filing in Jersey, aware that this is likely to attract media attention.1
The most recent filing by LIV Golf Ltd in UK is a 48 page Debenture agreement dated June 4 2026, providing security to its lender, PIF. This agreement refers to a Facility Agreement which is not available from Companies House. The Facility Agreement would set out the borrowing facilities available to LIV and associated terms and conditions.
What do these filings tell us?
In recent articles Money in Sport has estimated that LIV’s operations cost around $100 million per month on average. This estimate is based on the pattern of new capital raises in the last two years, shown on this chart:
The total new capital provided by PIF so far in 2026 is $333 million, comprising $267 million in February and $66 million in May. That would have provided LIV with sufficient capital to fund its operations for 3-4 months applying the average burn rate of $100 million per month. It’s impossible to estimate when LIV’s cash might run out because we don’t know how much its cash balances were at the point the new capital was received.
The lending arrangements which have been put in place indicate that new funds for LIV would be provided by PIF as loans rather than fresh capital. The amounts involved and the conditions attached to the loans are not yet known. It’s conceivable that loans from PIF will only be forthcoming once commitments are received from new investors.
Bloomberg interview
The LIV CEO, Scott O’Neil, was interviewed by Bloomberg in a podcast which went live today. His comments confirm management’s focus on attracting new investors to LIV Golf. He also adds detail on the plan for the players to hold the majority of the equity in the LIV Golf tour in future. Here are extracts from the transcript:
Bloomberg: What is the amount of funding you’re looking for and how is the journey to getting that funding?
LIV CEO: Sure. We’re looking at raising $300 million. And we’re talking to a combination of traditional private equity investors that invest in sports, talking to family offices, and a group that I would characterize as sports team owner billionaires.
Bloomberg: What kind of rights are people demanding? What kind of stakes are they looking at?
LIV CEO: You know, it’s a really interesting dynamic in that we have billions of dollars of NOLs, net operating losses that we believe we can carry forward with the business and so that that has us structuring the company in a very unique way.
[Note: Net Operating Losses might be attractive to equity investors despite the tour’s cash burn since NOLs shelter future taxable income.]
Bloomberg: DeChambeau, one of the faces of LIV Golf. His contract comes up in October. Can you get him back?
