As LIV Golf commences its fifth competitive season with an event in Riyadh, the Saudi-backed tour's leadership has emphasised a continued willingness to collaborate with the PGA Tour, even as the prospects for a full merger appear to be diminishing. The focus, however, is firmly on the next phase of the circuit's business development, which includes the significant step of selling minority ownership stakes in two of its thirteen teams.
A Shifting Landscape for Golf's Rival Tours
More than thirty months have passed since the announcement of a "framework agreement" intended to unify the PGA Tour, DP World Tour, and LIV Golf under a single governing body. Despite this initial promise, hopes for a comprehensive peace deal now seem to be receding. While legal disputes between the tours are currently paused, LIV Golf has bolstered its position as a formidable competitor through high-profile commercial partnerships with brands like Rolex and HSBC, a strategic shift to a 72-hole tournament format, and the hard-won attainment of official world ranking points for its events.
Leadership Signals Openness and Internal Focus
LIV Golf president Chris Heck, who joined the organisation last year, addressed the stalled merger discussions in a recent interview. "That was also before my time," Heck stated. "In many ways, it is something that isn't real to me, because we just focus on ourselves. Are we open to ideas and collaborations? Of course we are. We want what's best for golf and we're in it for the long haul."
Heck's comments reflect a more conciliatory public tone adopted since the arrival of CEO Scott O'Neil in early 2025, a shift from the more confrontational stance previously associated with former commissioner Greg Norman. This diplomatic approach has coincided with a successful drive for sponsorships, culminating in last month's landmark deal with the iconic watchmaker and long-time golf supporter, Rolex.
Team Sales: A Priority for 2026
A central priority for LIV Golf this year is the sale of minority stakes in two of its franchise teams. The tour has appointed Citi's Global Sports Advisory to manage discussions with potential investors, which are expected to include private equity firms and family offices.
"I would say that we're at the latter stages of preparation," Heck revealed. "We field a lot of interest and calls. We have started sit-down meetings. We have robust and detailed valuations, and we have a business model that we're quite excited about to share with people."
Building a Profitable Model and a Domino Effect
While Heck declined to specify the exact valuations or revenue multiples being applied to the teams, he expressed confidence in the underlying financial model. "We have a proven model that teams can be profitable, which several of them are right now, and we think that will be very much a consistent model," he asserted.
The president acknowledged varying appetites among team captains, some of whom hold equity stakes. "Some want to sell stakes earlier than later, and some want to pull back and wait and see," he noted. However, Heck anticipates that the completion of the first deals will trigger a domino effect, encouraging further investment. "It's like selling HSBC after Salesforce and before Rolex, one great deal lends itself to the next," he explained. "So when we do our first deal, I firmly believe that'll set up and sell the next several deals."
A New Chapter: Cultivating the Next Generation
The new season began following a close-season reshuffle that saw high-profile players like Brooks Koepka and Patrick Reed return to the PGA Tour, while several LIV teams underwent rebranding. The opening event in Riyadh also showcased new talent, with Australian rising star Elvis Smylie, a recent addition to Cameron Smith's Ripper GC team, marking his LIV debut with a victory.
Heck believes the tour is entering a distinct third chapter, one that places greater emphasis on developing young talent alongside its established stars. "You will see that being very much our third chapter of LIV Golf," he said, "with the legends and iconic golfers, the next Hall of Fame golfers that are winning right now at the highest level – Jon Rahm, Bryson DeChambeau and so forth – and then the young guns, too, that we think will be cultivated to be major winners and some of golf's greatest players coming up."
As LIV Golf forges ahead with its commercial strategy and youth development plans, the door for collaboration with the established tours remains nominally ajar, even as the circuit solidifies its independent future in the world of professional golf.