[Oil Money on the Greens] ① Saudi Oil Money Takes Over Global Golf

Total Prize Money to Rise to $30 Million Next Year
Gooch and Niemann Turn Their Careers Around After Moving to LIV Golf
No Cuts, Shorts Allowed, and a Rejection of Strict Formality
Major Appearances Secured, World Ranking Points Negotiations Underway

LIV Golf is a symbol of "money power." Backed by the overwhelming support of Saudi Arabia's Public Investment Fund (PIF), it plays the role of a major player in the global golf world. PIF is the world's largest sovereign wealth fund, with assets of approximately $930 billion. Yasir Al-Rumayyan, the governor of PIF, is also the chairman of Saudi state oil company Aramco and the English professional football club Newcastle United. Some financially struggling countries are actively seeking LIV Golf's attention. Leveraging its massive capital, LIV Golf is bringing significant changes to the landscape of tours around the world.

[Oil Money on the Greens] ① Saudi Oil Money Takes Over Global Golf

Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), is pouring massive oil money into making LIV Golf the premier tour. Photo by Reuters and Yonhap News.

LIV Golf is revolutionary. This year, 14 tournaments are scheduled, including a team championship, and as of August 9, 11 have already been held. Compared to the PGA Tour, which operates 46 events (36 regular season, 3 FedEx Cup playoffs, and 7 fall series), the number is smaller, but the prize money is overwhelming. For this reason, top-ranked players from around the world are flocking to LIV Golf.

Each tournament features 54 players, with a total prize pool of $25 million: $20 million for the individual competition and $5 million for the team event. The winner of the individual competition alone receives $4 million. For reference, the total prize money for a regular LPGA Tour event is between $2 million and $3 million. The team event winner's prize in LIV Golf is $3 million, which is split among four players, giving each $750,000.

The scale will grow even larger next year. According to foreign media such as Sports Business Journal, LIV Golf plans to increase the prize money per tournament from the current $25 million to $30 million in 2026.

Jang Yubin, who debuted in LIV Golf this year, did not make it into the top 10 even once, and his best individual result was a tie for 21st at the UK event. Nevertheless, he earned $1,353,047 (about 1.88 billion KRW) in season prize money alone, far surpassing the 1.13 billion KRW he earned on the Korean Professional Golf Association (KPGA) Tour last year.

LIV Golf also has a unique tournament format. Instead of the traditional four-day, 72-hole format, it holds three-day, 54-hole events, and all players receive prize money with no cuts. The tee-off format is also different from the PGA Tour, which starts from holes 1 and 10; instead, all holes begin simultaneously using the "shotgun" start.

The team competition is another hallmark of LIV Golf. The scores of four players are combined to determine the winning team, and dress codes are relaxed, allowing players to wear shorts. The tournament venues are set in a party atmosphere with dance music, and the slogan is "Golf, but louder."

It is also a stage of opportunity for unknown players. Taylor Gooch of the United States, who was ranked 1,740th in the world, rose to stardom after joining LIV Golf. During his PGA Tour days, he had only one win and $9.25 million in prize money, but in LIV Golf, he achieved four career wins, including three in 2023, was named MVP, and received an $18 million bonus. So far, he has earned $63,238,636 (about 8.77 billion KRW) just from LIV Golf.

Taylor Gooch achieved a life turnaround after transferring to LIV Golf. Photo by Reuters and Yonhap News

This year, Joaquin Niemann of Chile, ranked 103rd in the world, drew attention. He earned more money than PGA Tour star Scottie Scheffler of the United States. Niemann recorded five wins and $21,212,762 (about 2.94 billion KRW) in prize money this season, while Scheffler earned $19,202,883 (about 2.66 billion KRW).

LIV Golf continues to evolve to vitalize the tour. Expanding beyond Europe and the United States, it entered Asia this year, holding the "Asian Swing" in Riyadh (Saudi Arabia), Adelaide (Australia), Hong Kong, Singapore, and Korea. Shedding its negative image of being "all about the money," it is now being welcomed by tours in various countries.

Bryson DeChambeau is cheering on the podium after winning LIV Golf Korea. Photo by LIV Golf

Opportunities to compete in major tournaments are also expanding. LIV Golf players who meet the qualifications are now allowed to participate in the US Open, The Open, PGA Championship, and The Masters, and world ranking points are expected to be awarded soon. Recently, a new system was introduced to strip seeds from underperforming players. Based on results from 13 individual tournaments, players are divided into the top 24 "Lock Zone," 25th to 48th "Open Zone," and below 49th "Drop Zone," with those in the Drop Zone being relegated.

Jang Yubin is the only Korean player competing in LIV Golf. Photo by Coupang Play

From its inception, LIV Golf has attracted global stars with "oil money." "Hulk" Bryson DeChambeau, "major hunter" Brooks Koepka, Phil Mickelson (all from the United States), and then-world No. 1 Jon Rahm (Spain) all joined the league.

Since late 2023, LIV Golf has also entered into merger talks with the PGA Tour. Although there have been no results yet, it is simultaneously working hard to recruit new stars. Recently, it was reported that a $150 million to $200 million (about 277.4 billion KRW) offer was made to world No. 3 Xander Schauffele of the United States.