Business of Sport
Leonard Curtis report puts elite golf finances in spotlight
A new Business of Sport report from Leonard Curtis launched today (21st May) has shone fresh light on the finances of elite professional golf as the sport faces a pivotal moment following the decision by Saudi Arabia’s Public Investment Fund (PIF) to end its funding for LIV Golf at the end of the 2026 season.
The Leonard Curtis Golf Finance Report – which includes a foreword written by former European Tour coach and Sky Sports Golf commentator Simon Holmes – features a detailed breakdown of the finances of the PGA Tour, DP World Tour and LIV Golf, and examines the potential impact of PIF’s decision on the sport.
With new analysis of prize money, player earnings and broadcast rights, the report provides a comprehensive overview of the economics of elite golf at a time when questions continue to be raised about its financial sustainability.
Authored by leading sport finance academics Prof Rob Wilson and Dr Dan Plumley, it is the fourth in a series of reports from Leonard Curtis on the Business of Sport, complementing the annual Leonard Curtis Rugby Finance Report and Leonard Curtis Cricket Finance Report.
Tour finances show rising losses and underline PGA Tour’s dominance
Analysis of tour finances in the Leonard Curtis Golf Finance Report, across the last five years where financial data is available – 2020 to 2024, shows that:
- The PGA Tour averaged around $1.4bn in revenue between 2020 and 2024, with an average revenue 3.4 times higher than that of the DP World Tour.
- LIV Golf’s revenues increased from $31.5m in 2022 to $92.6m in 2024, still some way off its rivals.
- Amid competition from LIV for elite players and a surge in tournament purses, the PGA Tour and DP World Tour have made rising losses – with the DP World Tour’s losses increasing from £7.6m in 2021 to £28.7m in 2024.
- With PIF’s backing of LIV Golf amounting to around $5bn since LIV’s inception, the accounts underscore the scale of investment required to establish a challenger tour.
- At the same time, the creation of PGA Tour Enterprises and the introduction of private equity funding signal a broader shift towards institutional capital within the sport.
Player earnings highlight LIV’s disruption
The report also presents a breakdown of the career earnings of men’s elite golfers, featuring the top 20 earners from the PGA Tour and DP World Tour, alongside the top 10 from LIV Golf.
The figures highlight the structural disruption introduced by LIV Golf, with players such as Jon Rahm – who is now to return to the DP World Tour after reaching a resolution to pay all of his outstanding fines since his switch to LIV in 2024 – having earned $92m in prize money from LIV Golf, in addition to a signing on bonus estimated to be $300m.
More striking still are the cases of Joaquin Niemann and Talor Gooch, who do not feature in the top 20 earners on either the PGA or DP World Tours, yet rank second and third on the LIV list with $71.9m and $70.9m respectively.
On a PGA Tour equivalent basis, these figures would place them comfortably within the top 10, highlighting how LIV has disproportionately accelerated earnings for players outside the very top tier of the traditional system.
“Defining financial crossroads”
Prof Rob Wilson, who is a professor of applied sport finance and dean at UCFB, said: “Elite golf is now at a defining financial crossroads, with the traditional economics of the sport being fundamentally reshaped by external investment, escalating player earnings and changing commercial models.
“The withdrawal of PIF funding from LIV Golf creates major questions around the long-term viability, governance and future structure of the global game.
“The Leonard Curtis Golf Finance Report positions golf beyond a sporting contest, and is a live case study in sports finance, sustainability and strategic disruption playing out right before our eyes.”
Uncertain future for golf’s ecosystem
Simon Holmes – who has coached over 80 professional golfers, including Sir Nick Faldo, Seve Ballesteros, Bernhard Langer and Darren Clarke - commented: “The recent injection of capital into men’s professional golf has been unprecedented. Yet despite the scale of the spending, it remains unclear whether the ecosystem is truly better off.
“Much of the money appears to have gone into player compensation, but has the fan become more engaged, has more talent emerged globally, and has the viewing experience actually improved?”
He added: “Golf’s appeal has always been built on something simple: people watch because they see players do extraordinary things in a game they themselves play. That emotional connection is the product.
“Capital can accelerate change, but it cannot manufacture meaning, and if golf loses the emotional connection between the professional game and the millions of people who play it then no amount of money will fully compensate for that loss.”
“Funds diverted away from legitimate initiatives”
Alex Cadwallader, Leonard Curtis Business of Sport lead and a former England U21 rugby union player, said: “LIV Golf’s unsurprising struggles show that unlimited capital cannot guarantee a sustainable or credible sports competition, especially if the underlying sporting product is neglected and the true purpose is misaligned.
“The focus appeared to be on disruption at every level as opposed to finding a viable business model. The other tours had to react by increasing player awards, resulting in funds being diverted away from legitimate initiatives that would ‘grow the game.’
“Other sports can learn that breakaway competitions need a clear path to profitability, authentic fan engagement, and alignment with existing traditions rather than relying solely on headline sign-on fees or shock value.”
For more information or to download the full report, visit Golf Finance Report
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