Cheyenne – September 08, 2026 -- White Knight Capital Corp. is in advanced negotiations with Saudi Arabia's Public Investment Fund (PIF) to restructure LIV Golf Enterprises through a debt-to-equity conversion and a planned reverse merger into a Nasdaq-listed entity, targeting a 2027 launch of "LIV Golf 2.0."
White Knight requests $100 million in fresh PIF equity alongside a $500 million bank-backed facility
Under the proposed terms, White Knight would take an assignment of PIF's existing rights, obligations, and claims tied to LIV Golf. The Wyoming-based firm has requested that PIF commit an additional $100 million in direct equity into the post-merger public company. Separately, White Knight has arranged a $500 million equity facility through a major Wall Street investment bank, contingent on completion of the merger and other closing conditions.
Scott O'Neil to remain CEO as golfers get equity stakes as founding members
LIV Golf CEO Scott O'Neil is expected to continue leading the organization under the restructured entity, working with White Knight and his existing management team. All golfers currently under contract would be offered updated agreements plus equity participation in the Nasdaq-listed company, positioning them as founding members of the reorganized enterprise. Equity shares are also planned for executive management and new institutional investors.
Deal aims to capitalize on roughly $6 billion already invested in the LIV Golf brand
White Knight CEO John Rivers said the debt-to-equity conversion, combined with new growth capital, is intended to position LIV Golf to build on the approximately $6 billion invested in the brand to date. Rivers framed the transaction as a path toward a streamlined capital structure aimed at sustainable profitability, positive cash flow, and long-term shareholder value, and credited PIF Governor Yasir Al-Rumayyan for constructive engagement in the talks.
Post-merger strategy targets Asian broadcast deals, sponsorships and branded products
Following the proposed transaction, White Knight intends to expand LIV Golf's footprint across Asian and other international markets. The strategy prioritizes multi-year broadcast distribution agreements, expanded global sponsorship networks, and branded consumer products to build higher-margin revenue streams beyond the tour's current model.
Negotiations remain ongoing and no definitive agreement has been executed, according to the companies.