LIV Golf CEO Scott O'Neil Talks State of LIV Golf

Summary

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Podcast Summary: Bloomberg Talks

Episode: LIV Golf CEO Scott O'Neil Talks State of LIV Golf

Date: June 17, 2026
Host: Bloomberg
Guest: Scott O’Neil, CEO of LIV Golf

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Episode Overview

This episode features an in-depth interview with Scott O’Neil, CEO of LIV Golf, delving into LIV Golf’s financial prospects, investment strategy, business model, and vision for the future. The conversation explores how LIV Golf is positioning itself as a global sports league, responds to the PGA Tour's moves, differentiates its structure, and highlights the role of major players and investors. Scott draws comparisons with franchise value growth in major sports and discusses the current relationship with the Saudi PIF and the PGA.

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Key Discussion Points & Insights

1. Funding and Investment Strategy

Timestamps: 00:26 – 01:47

• Capital Raise & Investor Profile:
  • LIV Golf is currently seeking an additional $300 million in funding.
  • Engaged with diverse investors: traditional private equity, family offices, and billionaire sports team owners primarily across North America, UK, Europe, Asia, Australia, and South Africa.
  • “We’re talking to a combination of traditional private equity investors... and a group that I would characterize as sports team owner billionaires.” — Scott O’Neil (00:37)
• Unique Corporate Structure:
  • The company has significant net operating losses (NOLs), structuring deals to maximize their future benefit for investors.
  • “We have billions of dollars of NOLs... so we’re spending a lot of time with investors really understanding how to best preserve those.” — Scott O’Neil (01:08)
• Team vs. League Investment:
  • Investors are considering both league-wide and team-level stakes.

2. Team Valuation and Economic Model

Timestamps: 01:47 – 02:22

• Long-Term Value Creation:
  • O’Neil recounts lessons from his tenure at Madison Square Garden, where franchise values soared over a decade, illustrating his vision for franchise growth in LIV.
  • “...the Knicks were valued around 600 million... there isn’t a person on the planet that would value the New York Knicks under $10 billion [today]...” — Scott O’Neil (01:47)
  • LIV’s model gives investors stakes in both the league and its teams.

3. LIV Golf's Unique Selling Proposition (USP)

Timestamps: 02:22 – 04:50

• Global Focus:
  • LIV sets itself apart by targeting golf fans worldwide, not just the US market served by the PGA.
  • “The PGA Tour does a wonderful job serving the 340 million US golf fans. It’s the 8 billion that I work with.” — Scott O’Neil (02:41)
• Player Ownership and Team Model:
  • Players are envisioned as majority owners, an unprecedented structure in global sports leagues.
  • “We’re actually building it for them so they’ll actually be the majority owners... there hasn’t been a time in history where players have owned a majority of a league.” — Scott O’Neil (03:43)
  • LIV operates team-based competitions with strong national and regional affiliations (e.g., Team Ripper - Australia, Southern Guards - South Africa).
• Star Talent & Retention:
  • O’Neil expresses confidence in retaining major stars like Bryson DeChambeau and Jon Rahm, emphasizing the attraction of LIV’s global and player-driven model.

4. Evolving Revenue Model & Media Strategy

Timestamps: 04:50 – 06:00

• Business Model Transformation:
  • LIV expects dramatic changes in revenue drivers within five years.
  • Major global sponsors include Rolex, HSBC, Salesforce, Qualcomm, Ping, and Callaway.
  • Significant improvement in TV distribution: new deals with Fox Sports (US) and TNT (UK), reaching nearly a billion homes.
• Digital Influence:
  • Emphasis on players’ social media reach — DeChambeau described as “the Mr. Beast of sports” for his YouTube impact among young fans.
  • “I’m sitting next to young kids, their favorite golfer is Bryson DeChambeau because he reaches them in a different place.” — Scott O’Neil (05:40)

5. Saudi PIF’s Role & Funding Future

Timestamps: 06:00 – 06:35

• PIF Ownership:
  • Public Investment Fund (PIF) maintains a majority stake (~95%) and will fund LIV through the season.
  • Liv’s management is tasked with securing future investors.
  • “PIF has been very clear with us... they’re going to fund through the season. And it’s up to us to make sure that we spend all our waking hours finding the next investors...” — Scott O’Neil (06:19)

6. Relationship with PGA Tour & Golf’s Ecosystem

Timestamps: 06:35 – 07:31

• Market “Rumor Mill” & Collaboration:
  • O’Neil acknowledges a previously “rocky, rough environment” but says relationships have improved, with world ranking points and clearer pathways for LIV players at majors.
  • Talks with PGA and golf authorities continue to be “productive.”
  • “We have very productive conversations throughout the ecosystem. We were granted world ranking points... we’ve been treated very well.” — Scott O’Neil (06:49)
• Cooperation vs. Competition:
  • While ongoing dialogue exists, LIV’s current “100% focus” is on securing the right investors.

7. Predictions and Personal Insights

Timestamps: 07:31 – 08:56

• US Open Picks:
  • O’Neil favors LIV stars: Jon Rahm, Bryson DeChambeau, Terrell Hatton, Dustin Johnson, and Cam Smith.
• Personal Sports Journey:
  • Anecdotes about his connection to Villanova University and admiration for the NBA and its leaders, referencing the positive influence of players and past championship moments.
  • On NBA franchise growth: “You can’t look past franchise values... he just sold a piece for $8 billion...” — Scott O’Neil (09:01)
  • On golf’s unique appeal: “The leaders of the free world play golf... I don’t think there’s a better business development opportunity in the world.” — Scott O’Neil (09:40)

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Notable Quotes & Memorable Moments

• “It’s the 8 billion that I work with.”
  — Scott O’Neil (02:41), on LIV Golf’s global ambition.
• “We’re actually building it for them [the players] so they’ll actually be the majority owners of this business going forward.”
  — Scott O’Neil (03:43), on player ownership in LIV Golf.
• “Bryson DeChambeau... is a bona fide like Mr. Beast of Sports.”
  — Scott O’Neil (05:19), on the power of social media in attracting a new generation.
• “The leaders of the free world play golf... there’s no better business development opportunity.”
  — Scott O’Neil (09:40), on golf’s role in global networking.

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Important Timestamps

• 00:26 — Opening on funding needs and investor profiles
• 01:47 — Sports team valuation growth and its relevance to LIV
• 02:41 — LIV’s global focus versus PGA’s US-centric appeal
• 03:43 — Unprecedented majority player ownership model
• 05:02 — Vision for future revenue: sponsors, TV, and digital
• 06:19 — Saudi PIF’s ongoing role and future funding
• 06:49 — PGA Tour relations, world ranking points, major pathways
• 07:39 — O’Neil’s US Open picks and discussion of standout players
• 09:01 — Lessons and reflections on franchise value growth and golf’s business influence

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Summary Takeaways

• Scott O’Neil positions LIV Golf as a global, player-owned, team-based league, differentiating it from PGA and other tours.
• The major business ambition is to dramatically grow team values, modeled after the sharp increase seen in the NBA and other leagues.
• Investor interest is strong, with strategic efforts to secure both league-wide and team-level funding, and with a focus on maximizing financial structuring benefits.
• The Saudi PIF will continue funding LIV for the near term but expects management to source new capital.
• There is increasing cooperation within the global golf ecosystem, but the primary priority remains investment and growth.
• LIV’s vision harnesses not just old-school sponsorships but also new media and influencer marketing to reach younger fans and global audiences.

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Transcript

[Indiana University Announcer]

Indiana University strengthens tomorrow's workforce with practical real world experience. IU grads make a difference in your

[LIV Golf Executive]

community, serving as teachers, nurses and engineers who rise to tomorrow's challenges and meet them.

[Indiana University Announcer]

Learn more at iu.edu impact,

[Bloomberg Host]

Bloomberg Audio Studios Podcasts Radio News so let's talk

[Bloomberg Interviewer]

about the state of LIV Golf. I know you've said before you need about three years to reach profitability at this mom. What is the amount of funding you're looking for and how is the journey to getting that funding?

[LIV Golf Executive]

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. And they take place mostly in North America, a good healthy dose in the UK and some in Europe and then of course some in Asia, Australia and South Africa.

[Bloomberg Host]

What kind of rights are people demanding? What kind of stakes are they looking at? Just give me a sense of what the conversations look like and how they're shaping up.

[LIV Golf Executive]

You know, it's a really interesting dynamic in that we have billions of dollars of NOLs net operating losses that we believe can, we can carry forward with the business. And so that, that has us structuring the company in a very unique way. So we're spending a lot of time with investors, we really understanding how to best preserve those no wells, which is for, for me, you know, I love my way around a deal and being able to work with the, with the advisors we have and do. Sarah, our bank has been quite an experience.

[Bloomberg Host]

So it's not just a stake in the league that perhaps people are looking for. They might also have team level investments that they could be looking to achieve.

[LIV Golf Executive]

Yes, absolutely. I'll just take it. Tell you a little story is, is when I was at Madison Square Garden, I was the president of Madison Square Garden. I started in 2008. You, you very well know what was happening in 2008 with the financial crisis and the Knicks were valued around 600 million. The New York Rangers were valued about 400 million. And you look today and there isn't a person on the planet that would value the New York Knicks under $10

[Bloomberg Interviewer]

billion, especially not now.

[LIV Golf Executive]

And not a person on the plan that would value the New York Rangers under 4 billion. And you think about this growth in team valuation and that's what we think is the economic engine to drive live. So when you invest in the league, you also get stakes in all the teams.

[Bloomberg Interviewer]

I mean, LIVE also just had this really unique prospect coming in. But the PGA responded. It responded with mega is giving players some stakes. And in certain tournaments. Now that the PGA has responded, what is lives usp? What is your unique selling point in which you exist in the golf world?

[LIV Golf Executive]

As. I think the PGA Tour does a wonderful job serving the 340 million US golf fans. It's the 8 billion that I work at work with. And so we operate on five continents. We're in 10 countries and incredible golf markets that are growing like a weed. And so the whole bet is, is, are you buying the 8 billion or are you buying the 340 million? And I love the 340 million bet for the PGA Tour. I just like the LIV golf bet for the 8 billion a lot more.

[Bloomberg Interviewer]

I mean, a lot of people would look at live and say, one of the unique selling points is the talent that you're able to bring over. DeChambeau, one of the faces of live golf. His contract comes up in October. Can you get him back?

[LIV Golf Executive]

Oh, absolutely. You know, we have stars like Bryson DeChambeau and Jon Rahm and Terrell Hatton, Dustin John, Cam Smith, household names. The difference with this league, more than any other business I've ever been a part of, and I've been a part of a few, is that this league was built for, by and through the players.

[Bloomberg Interviewer]

Yeah, but isn't it just. You paid them a lot, so they came over. Can you still do that?

[LIV Golf Executive]

Well, we're actually, like, building it for them so they'll actually be the majority owners of this business going forward. And there hasn't been a time in history where players have owned a majority of a league. And that's a pretty special opportunity. I think also some players want something different. Some. And none are. None are the same. But some, you know, maybe grew up in Australia like Camp Smith or grew up in Korea like Ben on, or grew up in the UK like Ann Poulter or Sergio Garcia, who grew up in Spain. And they think, you know, it'd be good to travel the world. It'd be good to grow the game around the world and give back. And maybe, maybe they live in the US or maybe they live in Dubai or maybe they live in South Africa. So. So I don't. I don't think there's one shoe fits all. I think for someone who wants to change the game, wants to play for a big prize purses, who wants to be part of a team, that's the other kind of interesting part of LIV golf is where we operate in teams. And you don't have to look too much further than the World cup to understand the nationalism going on. So we have Team Ripper is an Australian team, the Southern Guards is a South African team, the Korean Golf Club is a Korean team. And there's so much affinity when we go to these markets rooting for their home clubs.

[Bloomberg Host]

As part of your pitch to investors, the idea is that you're going to change Liv Golf's business model.

[LIV Golf Executive]

Absolutely.

[Bloomberg Host]

Pretty dramatically.

[LIV Golf Executive]

Yes.

[Bloomberg Host]

What do you expect to be the main driver of revenue in five years time that doesn't exist today?

[LIV Golf Executive]

Well, I can tell you I've been here for 18 months, so it's about a five year old league. And, and the one thing I noticed very quickly is, is that bringing in sponsors which we have like Rolex and HSBC and Salesforce and Qualcomm and Ping and Callaway, some of these global brands, that's an important component of any golf business. We also moved our television from the CW in the US to Fox Sports and we moved to TNT in the UK and we actually got into almost a billion homes around the world. And so I think tv, TV distribution will be a key part. But maybe equally as important is the impact. You mentioned Bryson DeChambeau, the impact he has on YouTube and YouTube Golf is unmatched anywhere in the world. This guy is a bona fide like Mr. Beast of Sports. And I think that's the area when I go to, whether we're heading out to the US Open at the majors or the mathematics. I'm sitting next to young kids, their favorite golfers, Bryson DeChambeau, because he reaches them in a different place. And I think that part of growing the game matters as well.

[Bloomberg Host]

12 million followers across all the major social media platforms counts for a lot. I'm curious, what is the role of Saudi Arabia in live golf now? The PIF, does it still own about 95%? Is it helping to source investors in any way? Would it consider resuming funding if there's a certain level of investment that you do get?

[LIV Golf Executive]

You know, PIF has been very clear with us. They've been really good, positive, solid investors with us. And they've been really clear they're going to fund through the season. And it's up to us to make sure that we spend all our waking hours finding the next investors and. And we're up to the task.

[Bloomberg Interviewer]

By the way, the sports media was pretty excited when it saw you with the PGA CEO at the Masters in April. Can you clear up of the little rumor mill? Might there be some Sort of arrangement between you and the PGA still in the works and sort of ecosystem that

[LIV Golf Executive]

might exist at this. Listen, I walked into a very rocky, rough environment with the ecosystem and lift golf, and that's been smoothed out pretty dramatically and pretty quickly. And we have very productive conversations throughout the ecosystem. We were granted world ranking points, which has been great. We've gotten direct pathways for our players to qualify for the U.S. open and the Open Championship. Wonderful. When we go to the majors or talk to other bodies in the marketplace, we've been, we've been treated very well.

[Bloomberg Interviewer]

So is that, is that a no? Nothing else needs to kind of be worked out with the PGA at this moment, or might there still be some conversation?

[LIV Golf Executive]

You know, I think over time the world of golf will open up. But our 100% focus right now is making sure that we find the right investors to carry us forward.

[Bloomberg Interviewer]

By the way, U.S. open this weekend. I'm sure you're attending. Who's, who's your money on at this moment? Scotty looks good. Tommy Fleetwood, people love him.

[LIV Golf Executive]

Those are not my choices.

[Bloomberg Interviewer]

No.

[LIV Golf Executive]

Jon Rahm is playing elite golf. I think he's one of the best golfers on the planet. He does it at an excellent level all the time. You can never count out a two time winner of the US Open like Bryson DeChambeau, who again, is the most dynamic player I've ever seen, athlete I've ever been around. And then Terrell Hatton just won our last event. And Valderrama, he's playing well. And Dustin Johnson seems to have found an electric putter. And Cam Smith cannot seem to miss the fairway off the drive. And when he does that, there's nobody better. 150 yards. And then. So those are, those are my big five.

[Bloomberg Host]

All right, mark it down. And I. You mentioned you worked at MSG and of course you worked at the NBA as well. And on top of that, you graduated from Villanova. So I'm guessing that you might have rooted for one team, no, another, in that final.

[LIV Golf Executive]

It was must see. It was must see television and the o' Neill house. And I have a daughter who's a freshman, Eliza, at Villanova now. So, so very much connected. And when Jay Wright was the coach, I was very connected to that program. And I had a chance to be around Jalen and Mikhail and of course, Josh Hart, who's my favorite NBA player. And I will tell you, they represent everything that's right about sports, everything that's right about Villanova and everything that's right about the NBA. They play team basketball. But better yet, they're wonderful human beings and great examples for New York. And we needed it in the city. We needed a lift and we got it.

[Bloomberg Host]

And the NBA needed it too. It's a great, long awaited championship for just fine.

[LIV Golf Executive]

My good friend Adam Silver, he's, he's done just okay. When he announced an expansion franchise somewhere between 7 and 9 billion dollars, I just kind of winked and said that's okay. And that's what we're heading. That's what we keep talking about is, is that you can't look past franchise values. When I started at the Philadelphia Eagles in 1995, Jeff Laurie had bought that team for $188 million. And everyone's like, they said you're crazy. He just sold a piece of that for 8 billion. So you look at where franchise values are going and then you look at how many global options do you have in sports? There's Formula One, there's MotoGP, and there's LIV Golf. And that's it, you know, And I think, I think we'll distinguish ourselves. And the other thing I love about golf is the leaders of the free world play golf. Leaders of countries play golf, and 90% of Fortune 500 CEOs play golf and half of New York City. And so I think we have a really good opportunity in a sport people love. I don't think there's a better business development opportunity in the world. And then playing in a Pro Am next to some of the best players in the world or seeing the world class hospitality and actually driving business.

[Indiana University Announcer]

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