LIV Golf Losses Surge to $462M in UK – 2024
- LIV Golf's UK division experienced a significant increase in net losses for the year 2023, reporting a loss of US$461.8 million, according to recently filed documents with Companies...
- The financial filings, submitted to Companies House in September 2024, detail the escalating costs associated with launching and operating the controversial golf series.
- While revenue increased from US$85.7 million in 2022 to US$108.8 million in 2023, it was insufficient to offset the considerable operating expenses.
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LIV Golf’s UK Division Reports Over $461 million in losses for 2023
LIV Golf’s UK division experienced a significant increase in net losses for the year 2023, reporting a loss of US$461.8 million, according to recently filed documents with Companies House, the UK’s registrar of companies. This brings the total losses for the Saudi-backed golf league’s UK operation to over US$1.1 billion since its establishment as reported by Sportspro on October 4, 2024.
The financial filings, submitted to Companies House in September 2024, detail the escalating costs associated with launching and operating the controversial golf series. The losses represent a substantial increase from the US$184.9 million loss reported for 2022.
Financial Breakdown
While revenue increased from US$85.7 million in 2022 to US$108.8 million in 2023, it was insufficient to offset the considerable operating expenses. The company’s accounts show a turnover of £85.6 million (approximately US$108.8 million) for the year ending December 31, 2023.The substantial losses underscore the financial investment required to challenge the established PGA Tour.
| Year | Revenue (USD) | Net Loss (USD) | Cumulative Loss (USD) |
|---|---|---|---|
| 2022 | $85.7 million | $184.9 million | $644.1 million |
| 2023 | $108.8 million | $461.8 million | $1.105 billion |
context: The proposed PGA Tour Merger
these financial results arrive amidst ongoing negotiations for a potential merger between LIV golf, the PGA Tour, and the DP World Tour. Despite talks stretching over two years, there is continued optimism that a deal will be reached, consolidating the commercial operations of the three entities. Scott O’Neil, LIV’s chief executive appointed in early 2025, indicated in August 2024 that key obstacles to progress have been removed.