LIV Golf Engages Ducera Partners for Long-Term Funding Strategy After PIF's 2026 Exit

LIV Golf retained investment bank Ducera Partners LLC on Monday, May 4, to lead its long-term capital strategy, a step aimed at securing funding beyond the current support from Saudi Arabia's Public Investment Fund. "PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season," the fund stated.

Ducera Partners, founded in 2015 with Michael Kramer as its CEO, has advised on more than $850 billion in transactions across sports, media, and entertainment, according to the firm. Kramer, who previously served as an advisor on NHL and MLB franchise transactions, described LIV Golf as "hard to replicate" and said Ducera would focus on finding the right long-term partners.

The hiring aligns with other structural changes at LIV, including the recent addition of independent directors Gene Davis and Jon Zinman to its board.

Separately, Citigroup is advising on the potential sale of stakes in individual LIV Golf teams, a process distinct from Ducera's broader capital-raising efforts. LIV Golf has spent an estimated $500 million to $600 million annually since launching as a rival to the PGA Tour. The league's season runs through August, leaving months to identify new funding sources for 2027 operations.

The league has not added a marquee player since Jon Rahm and Tyrrell Hatton joined in 2024. Brooks Koepka left his LIV Golf contract early, paying a financial penalty to return to the PGA Tour, while Patrick Reed departed to set up his return in 2027.

Despite these challenges, LIV Golf reported growth in key areas, with sponsorships and partnerships up 40% year-over-year and ticket sales increasing more than 130%. The league's broadcast reach is approaching one billion households across 200 countries.

In 2023, talks about a potential merger between LIV Golf and the PGA Tour collapsed, after which the PGA Tour introduced bigger purses, a revamped schedule, and private investment.