Scoop: How LIV Golf plans to stay alive

LIV Golf is better known for its financial banking than for its product, but now is asking investors for a chance to flip the script.

Driving the news: Axios has learned that the league, which recently lost the support of Saudi Arabia's Public Investment Fund, will seek to raise up to $250 million from new investors.

Catch up quick: LIV was launched in 2022 by Saudi PIF as a less stodgy rival to the PGA Tour, with which it eventually would try but fail to merge.

• For Saudi PIF, a new pro golf league was either an effort at economic diversification or at sports-washing its reputation. Either way, it currently owns almost all of LIV and around 75% of each team.

Behind the scenes: LIV plans to share the fundraising plan with its players, including stars Jon Rahm and Bryson DeChambeau, early this week.

• It then goes to market, with Ducera Partners managing the process. The plan itself was reviewed by LIV's two new board members and restructuring firm Alix Partners.
• Prospective investors will be told that the full $250 million could get LIV to profitability within around 20 months. It also could raise significantly less — down to around $150 million — and then bank on rising team values and a new media rights deal.
• LIV is still operating with remnant Saudi cash, but needs to close its new investment by the beginning of October at the latest. If unsuccessful, it could seek some sort of bridge financing.

Zoom in: No word on specific suitors, but expect outreach to private equity, family offices, and individual billionaires.

The bottom line: The basic pitch is that while LIV was bankrolled by PIF — to the reported tune of $5 billion — the Saudi involvement also turned off some potential sponsors, golfers, and audiences.

• Going forward it would succeed or fail on its own merits. If it can get investors to the green.