The numbers tell a story LIV Golf’s backers hoped would never see the light of day: despite billions in investment, the Saudi-backed league’s international arm is hemorrhaging cash at an accelerating pace. For 2024, LIV Golf Ltd, the UK-based subsidiary that operates all of LIV’s events outside the United States, reported losses of more than $461 million—up from $395 million in 2023 and $242 million in the 18 months to the end of 2022. The figures, filed with Companies House, mark the third straight year of mounting deficits, with total losses since the league’s founding in 2021 now exceeding $1.1 billion.
Even as LIV’s revenue rose by 74.9% year-over-year to $64.9 million in 2024, the cost of sales surged 24% to $500.3 million, swallowing any gains. The league’s financials paint a stark picture: a business model that, despite high-profile tournaments and celebrity players, remains unsustainable without continued deep-pocketed backing. The question now is not just how much more money will be thrown at the problem, but whether the Saudi Public Investment Fund (PIF), LIV’s principal investor, has the appetite—or the resources—to keep doing so.
The Reddit golf community has reacted with a mix of skepticism and dark humor, with threads like “LIV 2024 loss in $: Numbers says it all” highlighting the gap between LIV’s ambitions and its financial reality. One thread, for example, notes that LIV lost an estimated $500 million on just its eight international events last year alone, a figure that has fans questioning the league’s long-term viability. The exodus of high-profile players like Brooks Koepka and Patrick Reed—both of whom left LIV in 2024—has only deepened concerns about the league’s future.
LIV Golf’s structure is complex, with its US operations run as LIV Golf Inc. And its international arm housed in London as LIV Golf Ltd. The UK subsidiary’s filings are the only public financial window into the league’s overall health, and they reveal a business that, despite its global reach, is struggling to turn a profit. The league’s seven international events in 2024, including stops in the Middle East, Europe, and Australia, generated significant buzz but failed to translate into financial sustainability.
The Financial Reality Behind the Hype
LIV Golf’s financials are a study in contrasts. On one hand, the league has attracted major sponsors and broadcast deals, including a reported $2.5 billion in TV rights agreements. On the other, its operational costs—including player purses, event production, and marketing—have outpaced revenue growth, leaving a widening hole in the balance sheet.
According to recent filings, LIV Golf Ltd’s revenue for 2024 was just $64.9 million, a figure that pales in comparison to its costs. The league’s cost of sales alone was $500.3 million, a 24% increase from the previous year. This disparity is a clear indicator that LIV’s business model, which relies heavily on high-purse events and celebrity appeal, is not yet scalable or profitable.
For context, the league’s total losses since its inception in 2021 now exceed $1.1 billion. This figure does not include the financials of LIV Golf Inc., the US-based entity, which has not released public financial statements. However, given the league’s global structure, It’s likely that the overall financial picture is even more dire.
Key Financial Figures
| Year | Revenue (USD) | Cost of Sales (USD) | Net Losses (USD) |
|---|---|---|---|
| 2021–2022 (18 months) | $242 million | N/A | $242 million |
| 2023 | $37 million | $405 million | $395 million |
| 2024 | $64.9 million | $500.3 million | $461.8 million |
Who Is Affected and Why It Matters
The financial strain on LIV Golf has ripple effects across the golfing world. Players, many of whom have defected to LIV for its lucrative purses, now face uncertainty about the league’s future. Sponsors and broadcasters, who have invested heavily in LIV’s events, are also left wondering about the return on their investments. Meanwhile, fans and golf enthusiasts are left questioning whether LIV can ever become a viable alternative to the PGA Tour.
For the Saudi Public Investment Fund, the stakes are particularly high. The PIF has already invested billions into LIV Golf, and its decision to continue funding—or to cut its losses—will have significant implications for the league’s survival. Reports suggest that the PIF may be running low on cash for new investments, raising further questions about LIV’s ability to sustain its current operations.
The exodus of key players like Koepka and Reed is a clear sign of the instability within the league. Both players cited concerns about the league’s future and the need for a unified golf tour as reasons for their departures. Their moves have sent shockwaves through the golfing community and further eroded confidence in LIV’s ability to attract and retain top talent.
The Road Ahead
As LIV Golf heads into 2025, the league faces a critical juncture. The next major checkpoint will be the release of LIV Golf Inc.’s financial statements, which could provide further insight into the league’s overall financial health. The outcome of ongoing government investigations into the PGA Tour-LIV merger—and whether the two tours will ultimately unite—will be a key factor in determining LIV’s future.
For now, the numbers tell a clear story: LIV Golf’s international arm is losing money at an unsustainable rate. Without significant changes to its business model or a major infusion of capital, the league’s future remains uncertain. Fans, players, and investors alike will be watching closely to see how LIV responds to this financial reality.
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