LIV Golf pulls plug on $100M deals after Jon Rahm’s $500M payday

The Saudi-backed league is ditching mega-guarantees after staggering losses reshape its strategy

LIV Golf quietly ends its billion-dollar bidding war

LIV Golf quietly ends its billion-dollar bidding war(AP Photo/Seth Wenig)LAPRESSE

Jon Rahm’s jump to LIV Golf in late 2023 came with a number that stunned the golf world: an alleged $500 million deal. Reports said it included as much as $450 million upfront, plus bonuses and co-ownership of a new team featuring Tyrrell Hatton and Caleb Surratt. It was the biggest signing yet for the Saudi-backed league, one that made headlines across every corner of the sport.

In those early days, LIV’s pitch was simple-money talks. Phil Mickelson, Dustin Johnson, Brooks Koepka, Bryson DeChambeau, and Cameron Smith all signed nine-figure contracts just to leave the PGA Tour. Rahm’s payday was seen as the peak of that arms race.

But the spending spree has cooled. In an interview with bunkered.co.uk, LIV captain Martin Kaymer said the league isn’t writing those kinds of checks anymore. “Of course, you get paid well if you play well,” Kaymer said, “but not just because you put a signature on a contract.”

A Shift From Big Checks to Big Changes

The reason is simple: the money burn has been massive. According to Golfweek, LIV’s operating losses grew from $244 million in 2023 to $394 million in 2024. The Public Investment Fund, Saudi Arabia’s financial backer, has already poured nearly $4 billion into the league. Projections suggest that figure could hit $5 billion by 2025.

New CEO Scott O’Neil, who stepped in earlier this year, is steering LIV in a different direction. The league’s slogan changed from “Golf, But Louder” to “Long LIV Golf.” The focus now: building sponsorships, landing steady broadcast deals, and chasing long-term stability. O’Neil told reporters revenue jumped tenfold in 2025, a signal that LIV is trying to tighten its model (Sports Illustrated).

Prize money, not contracts, is now the lure. At the 2025 Indianapolis stop, Sebastián Muñoz collected $4 million for first place. Rahm’s runner-up finish earned him $2.25 million, while Dustin Thomas grabbed $1.5 million for third. For team competition, payouts reached another $3 million.

Those sums rival PGA Tour events-sometimes even beating them. But what’s gone are the guaranteed mega-deals. Rahm’s contract may stand as the high-water mark of LIV’s spending era, a gamble that captured attention but also forced a rethink.

 

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As LIV moves into its next phase, the question isn’t how many zeros they can offer-it’s whether they can prove they belong for the long haul.