LIV Golf CEO Scott ONeil citesbillions in net operating losses as one benefit to keeping tour alive
Scott O’Neil is pitching hard the investment opportunities with LIV Golf.The league’s CEO took his pitch to Sportico on Thursday, citing that one of the several benefits of putting money into LIV Golf is the tax opportunities due to net operating losses “in the billions.”“We have net operating losses that are very substantial in the billions,” O’Neil said.“If you do business in the United States, if you do business in the U.K., you have an unbelievable tax opportunity.”O’Neil has been pulling for LIV Golf since its primary backer, Saudi Arabia’s Public Investment Fund (PIF), decided in April to pull it’s funding after the 2026 season.He also cited six other reasons to back his league in this time of scrambling, including the global reach of the sport, the business development opportunities and franchise value in the teams, stars and equity partners that represent the league such Bryson DeChambeau, Jon Rahm and Cam Smith.Sportico previously reported LIV is seeking somewhere in the range of $250 million-$350 million to keep the league going after 2026.DeChambeau has also been giving everything he can to the league, yet others including Brooks Koepka and Patrick Reed have started the process to return to the PGA Tour.LIV Golf informed its employees in both the U.S.
and U.K.on Wednesday that layoffs could be on the table as the league attempts to try to stay alive in a world without the PIF.Reports indicated that the league will be filing a Worker Adjustment and Retraining Notification Act (WARN) notice, which is a legal requirement that forces businesses with over 100 employees to allow at least 60 days notice of potential layoffs.
The U.K.has a similar legal requirement in place.
In June, it was reported the funding would run out sooner than expected and a high-ranking exec cited that “ever remaining tournament is on the fence” as the rebel league is set for four more events on its schedule, staring with LIV Golf U.K.from July 23-26.Fol...