The quest for eyeballs in professional golf has never been more intense, with streaming numbers and TV ratings becoming the new battlegrounds for success. For LIV Golf, which recently concluded its popular event in Adelaide—second, after securing a significant FOX channel partnership—these metrics carry extra weight as the league attempts to establish its legitimacy in the golf landscape.

LIV seemed eager to celebrate when NUCLR Golf shared what appeared to be promising news. U.S. Viewership for the Adelaide event was 249,000 average viewers on FOX between 11 PM and 2:30 AM and Australian was 225,000 average viewers on Channel Seven. Honestly, broadcast figures seem less impressive when compared to traditional golf broadcasts—the final round of the Genesis attracted 3.4 million viewers, nearly 14 times LIV’s audience. You see, slightly more impressive when compared to Riyadh’s number. The first FS2 broadcast in Saudi Arabia drew 12,000 average viewers, and its first final-round broadcast on FS1 drew 54,000. However, this celebration was quickly overshadowed.

That too by a bombshell report revealing that the Saudi Arabia Public Investment Fund’s (PIF) investment in LIV Golf could approach a staggering sum by the end of 2025.

LIV Golf’s financial reality hits hard amid viewership claims

Behind these modest viewership gains lies a troubling financial forecast for 2025. According to Money in Sport’s latest report, PIF’s total approved capital for LIV Golf now stands at $3.9 billion, with projections suggesting this investment could balloon to $5 billion by year’s end. The report indicates that LIV Golf Inc.’s U.S. operations are facing “considerably worse” financial performance compared to its global counterpart, with significant upcoming expenses looming to retain top golfers as their contracts expire.

Revenues picked up in 2023 from $4.9 million to $37.1 million in 2024, with Australia providing 45 percent of the annual total ($16.6 million). The expense side isn’t pretty. One positive, though, is that the per-tournament cost is reduced. It was almost $10 million in 2022 and fell to $7.3 million in 2023 as LIV expanded from six events to 14. The largest line item is legal and professional expenses. In 2023 LIV UK’s legal fees of $15.7 million were almost as high as PGA Tour’s legal expenses ($18.7 million). Operating losses grew from $244 million to $394 million.

Golf fans flooded social media with sharp criticism as soon as these financial projections surfaced alongside NUCLR Golf’s viewership announcement, transforming LIV Golf’s celebratory moment into a ruthless reality check.

Fan reactions highlight deep-seated skepticism

Golf fans on social media quickly put these numbers into perspective by comparing them to other sporting events broadcast during the same period. “Compared to the 3.4 MILLION viewers for the final round of the Genesis…” one fan pointed out, highlighting the vast gap between LIV and traditional PGA Tour broadcasts. The Genesis Invitational, a PGA Tour signature event, drew more than 13 times LIV Adelaide’s audience. Even more telling, another fan noted that “TGL’s 544,000 for Tuesday” surpassed LIV’s numbers despite being a new indoor golf league. 

The broadcast timing further complicated LIV’s viewership challenges. Despite the Adelaide event being aired in what should have been a favorable prime-time West Coast slot, it failed to capture a significant audience. “Dismal for a prime-time West Coast slot. LIV is praying the deal gets done ASAP,” one fan commented, referring to the ongoing and delayed merger negotiations between LIV Golf and the PGA Tour.

Others were more direct in their assessment, with comments like “NASCAR smoked LIV” highlighting the struggle to compete with other sports properties, particularly painful given golf’s traditionally stronger viewership in premium time slots. 

Perhaps the most biting criticism came from those questioning the return on investment. “5 billion for that 🤣🤣. A 15-year-old kid playing Fortnite has more viewers,” one fan remarked, highlighting how even amateur gaming streamers regularly attract larger audiences.

Another summed up the general sentiment: “Still unbelievably terrible, but better than the extraordinarily terrible that they had been producing since the start. This is their best event by a mile, too, so not great. Luckily, viewership isn’t a factor for them since it’s not a serious business.”

With LIV Golf facing mounting financial pressures and struggling to capture significant viewership despite massive investment, the question remains: Can LIV Golf find a sustainable path forward, or will these viewership celebrations continue to ring hollow against the backdrop of billion-dollar losses? Let us know your thoughts in the comments section below!