It’s less than a week since the future of LIV Golf was thrown into doubt with confirmation that its backers, the Saudi Public Investment Fund, will withdraw its funding at the end of the season.
The firm was established in 2015 and, according to LIV Golf, in the 11 years since then it “has advised on more than $850 billion in transactions across industries including media, entertainment and sports.”
LIV Golf CEO Scott O’Neil welcomed the news, saying: “This league has proven its value, and our focus now is on building the right financial foundation for the long term.
“Mike (Kramer, CEO of Ducera) and the Ducera team bring deep transaction experience and a track record of delivering in complex, high-stakes situations. They are the right partner for this process.”
Kramer said: “LIV Golf has built something that is hard to replicate: a global league with a growing fan base, world-class talent, and a team structure that benefits captain, players, and fans alike.
“We see significant value in what has been created here, and we are focused on helping the league identify the right long-term partners to unlock that value and power its next phase.”
Following the news that the PIF was withdrawing its financial backing of LIV Golf, it was announced that it had formed a new board aimed at bringing in outside funding as it transitions to a diversified, multi-partner investment model.
Scot O’Neil sees a positive future for LIV Golf
(Image credit: Getty Images)
One of two new appointments to the board was Eugene Davis, and he added: “The Board sees a clear opportunity in front of this league, and engaging Ducera is a direct reflection of that conviction.
“They bring the expertise and global reach to help us run a rigorous process and secure the partners that will guide this league into its next chapter with renewed strength.”
The next event in the schedule is this week’s LIV Golf Virginia at Trump National Golf Club in Washington DC, which begins May 7th.
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