LIV Golf, facing a cutoff in support from Saudi Arabia's Public Investment Fund (PIF), has announced upcoming mass layoffs for its employees starting next week.
AFP reported today (Korea time), citing a LIV Golf spokesperson, that "LIV Golf will terminate employment for staff members beginning in the first week of September as part of a sweeping reorganization to maintain the tour next year."
The PIF poured 5 billion dollars (approx. 6.6 trillion KRW) over several years after founding LIV Golf by heavily recruiting top stars from the PGA Tour.
However, PIF's financial backing concluded with the Indianapolis tournament held last week.
LIV Golf is reportedly searching for new investors and has asked some players to make equity investments.
While some players who competed in LIV Golf could potentially return to the PGA Tour or other golf tours, the PGA Tour has drawn a firm line, stating it has no plans to provide a pathway for their return.
(Photo: AP, Yonhap News)
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