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PIF-backed Liv Golf UK posted an operating loss of USD 460 mn in 2024, bringing its accumulated losses to about USD 1.1 bn, according to the league’s latest financial statements shared by the Money in Sport newsletter. Revenue grew to USD 65 mn last year, but the tour remains heavily reliant on PIF funding as it faces mounting costs and rising competition from the expansion of the PGA Tour into Asia.
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By the numbers: The latest filings show that Liv Golf UK’s revenues remain small compared to its expenses, with only USD 2.8 mn generated from broadcast rights and about USD 26 mn from its most successful event in Adelaide. Tournament costs, player payments, and event management fees continue to weigh heavily, with prize money totaling USD 400 mn for 16 international events and an additional USD 287 mn paid to contractors between 2022 and 2024.
The mounting costs is pushing up total losses for Liv Golf’s global operations, reaching some USD 5 bn since its launch in 2022 — over USD 1 bn annually, according to Money in Sport’s calculations.
The battle over Asia: The fund is investing USD 300 mn through Liv Golf to support the Asian Tour over the next decade, turning Asia into a new battleground with golf’s traditional powers, the newsletter reported. The PGA Tour, through its partnership with the DP World Tour, has been expanding its own schedule in Asia — adding events in India and China — challenging the growth of Liv Golf’s Asian Tour. Several major tournaments, including the Volvo Open in China, moved from the Asian Tour to the DP World Tour, intensifying the rivalry.
The PGA Tour’s decision to strengthen its European and Asian presence is seen as a way to maintain leverage as Liv continues to post heavy losses. While PIF’s backing gives Liv Golf financial stability in the short term, the challenge lies in turning its global reach and high-profile players into a sustainable business that can eventually stand on its own.
REFRESHER- PIF’s total investment in Liv Golf reached about USD 4.6 bn in May 2025, including USD 1.9 bn added since the start of 2024, with total funding expected to exceed USD 5 bn by the end of 2025. A month earlier, Liv Golf’s rival PGA Tour turned down a USD 1.5 bn investment by the PIF into PGA Tour Enterprises, reportedly for its rejection of a condition that Liv Golf should remain intact.
