LIV Golf Executives Acknowledge £4.5 Billion Setback as Saudi Investors Seek PGA Merger Talks

LIV bosses have accepted their rebel tour has proved a £4.5BILLION disaster.

But LIV’s Saudi paymasters are desperate to negotiate a merger with the to save face, rather than pull the plug completely.

Yasir Al-Rumayyan is desperate to negotiate a merger with the PGA TourCredit: Getty Sergio Garcia played down speculation over the future of LIV GolfCredit: Reuters

The breakaway circuit’s senior executives were summoned to New York for an emergency meeting as rumours intensified that was finished – at least in its present form.

It was widely predicted that meeting would result in a “bombshell” announcement about LIV’s future.

The absence of any powerbrokers at their latest tournament in Mexico, which starts on Thursday, was the first sign that something big was happening behind the scenes.

And so was the fact that the media centre in Mexico was shut for the first time, with LIV-friendly reporters only advised of the closure as they were waiting to board the bus taking them to the course.

The players due to take part in the £22.5million event seemed to be in the dark about what was happening.

One of them spoke to SunSport on condition he was not identified, and said: “We’ve all heard the rumour about a possible shutdown. But that’s all it is so far – a rumour.

“A lot of the speculation seems to be based on the fact that all the LIV bosses were in Augusta for the . But it was the same last year. All of golf’s big noises are always at the Masters these days, aren’t they?

“If there is anything to it, hopefully it’s going to be a merger. But until we hear anything official, we’re just carrying on with our preparations as usual.”

played down the speculation at a pre-tournament press conference.

He said he was confident that nothing had changed since PIF governor Yasir Al-Rumayyan assured the players they had full confidence in the tour’s future in January.

LIV Golf is losing huge amounts of moneyCredit: Reuters Jon Rahm bagged a deal worth close to £400million in 2023Credit: Getty

Garcia commented: “Frankly, we haven’t heard anything other than what Yasir already told us at the beginning of the year.

“That is he’s behind us, that they have a project of many years. There are always many rumours. I can’t comment on anything more than what we know.”

The staff organising the Mexico tournament were told to ignore the rumours, and that it was “business as usual”. But those instructions did not include any assurances about the future.

LIV’s backers, Saudi Arabia’s Public Investment Fund, have already pumped more than £3.5million into LIV since it was launched five years ago – and that figure is expected to top £4BN by the end of the year.

The latest £180m handover was approved on February 1. With PIF worth an estimated £700bn, the future of the 14 tournament circuit seemed secure.

But with the Saudi economy taking a big hit from the ripple effect of the war in Iran, it may now be seen as an over-expensive plaything.

A merger with the , with their schedule taking in LIV’s best supported events, seems to be the best case scenario for the rebels now.

There is no doubt LIV has not made the impact its owners expected, especially as they handed out contracts of up to £150m to attract some of the game’s biggest stars.

Brooks Koepka was among the big names tempted away from the PGA TourCredit: Getty Bryson DeChambeau is out of contract at the end of the yearCredit: Getty

Major winners Brooks Koepka, Dustin Johnson, , and Patrick Reed were among the big names lured away from the PGA Tour, along with European Ryder Cup heroes Sergio Garcia, Ian Poulter, Lee Westwood and Henrik Stenson.

Jon Rahm became their highest paid recruit when at the end of 2023, persuading Ryder Cup partner Tyrrell Hatton to join him a few months later.

But Koepka and Reed have returned to the establishment ranks after completing their initial contracts.

And – LIV’s biggest attraction with his massive social media following – is out of contract at the end of this year.

He will demand a deal worth at least as much as Rahm’s before he signs on the dotted line again.

LIV has been hampered by its failure to agree a TV deal with a major broadcaster, and its sponsorship deals are miniscule compared to those agreed by the PGA Tour.

It is no secret that LIV is haemorrhaging money, at an estimated rate of more than £50m a month.

It seems that simply cannot go on any longer.