LIV Golf forces tournament to U-turn on record – Sports News
The Korea Open was compelled to slash its prize fund after LIV Golf had its Saudi financial backing withdrawn.
The Korea Open had introduced a LIV Golf-backed prize pool increase of more than 40% to a record 2 billion gained simply weeks in the past. The LIV financial contribution would have boosted the overall prize fund from round $1 million to a record $1.5 million for the historic tournament, first contested in 1958, however that increase has now been reversed. It comes as LIV Golf getting ready for chapter after $5bn Saudi funding blow.
“With $500,000 in prize money support from LIV Golf, with whom we have been expanding our partnership, the winner’s share will be 700 million won and the total purse 2 billion won, making this the largest tournament in its history,” tournament organizers said on the finish of April.
Players subsequently obtained an electronic mail notifying them that circumstances had modified.
“Due to reduced sponsorship, please be informed that the prize money for Kolon The 68th KOREA Open Golf Championship will revert back to the original amount of KRW 1,400,000,000. This does not affect points allocated to the tournament and it will remain as a Tier 2 event,” the e-mail learn.
“We appreciate your understanding and remain committed to delivering a world-class event for all competitors.” The Kolon Korea Open is an element of the Open Championship Qualifying Series, awarding one spot to the highest-finishing non-exempt participant. The prize money discount comes as Bloomberg experiences that LIV Golf is getting ready to declare chapter after the 2026 season.
The whole value of LIV Golf, which upended the PGA Tour and remodeled the panorama of skilled golf, has been estimated at between $5billion and $8billion since its launch in 2021. The breakaway circuit lured quite a few PGA Tour gamers away with profitable multi-million greenback contracts.
“LIV Golf is firmly focused on securing a transaction that positions the organization for the long-term,” a LIV spokesperson informed GolfDigest.
“As we begin presenting our go-forward business plan to prospective capital partners, we are focused on achieving a sustainable future and there are multiple pathways under active exploration.
“We proceed to see great momentum on the course and with assist by means of the 2026 season and a clear plan to raise capital, management is targeted on figuring out the correct long-term strategic companions who imagine in our mission to grow the sport of golf worldwide.
“These conversations are just getting underway, and as they progress, the company expects to gain further clarity around the structure and timing of a potential transaction.”
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