Jon Rahm gave LIV Golf wings in 2024 when he joined the breakaway circuit for a reported $300 million. Nearly three years later, the Spaniard may become the one to cut it as well. A week ago, CEO Scott O’Neil announced LIV Golf has signed a ‘term sheet’ with a potential investor. Later that day, Bloomberg cited that the new investor was BC Partners, a credit company.

Just when LIV Golf seemed to have secured its future, The Telegraph Sports reported that it’s still unstable. Sources close to LIV Golf have confirmed that the league is ‘almost resigned’ to Rahm leaving LIV in 2027 or even before that. In the last 3 years, the Spaniard has earned over $90 million from on-course earnings on LIV. Interestingly, LIV Golf still owes the 2x major champion a ‘nine-figure’ amount from his multi-million-dollar contract. The exact amount is unknown. PIF may pay back some amount to Rahm or give him some equity in LIV 2.0. But the insider claims the Spaniard is not a fan of the idea.

The new development about Rahm’s future will confirm whether LIV Golf will ultimately sign the deal with the new investor. The Financial Times understands that the funding deal could depend on whether the top pros stay with LIV. Bryson DeChambeau has shown his commitment, but Rahm has not. The major champ’s expected decision to quit LIV comes on the same day as the DP World Tour gave another setback to LIV Golf pros.

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The DP World Tour granted conditional releases to eight LIV Golf players, including Tyrrell Hatton, for the 2026 season. The arrangement allowed them to play conflicting LIV events without additional fines or suspensions, provided they paid outstanding fines, withdrew appeals, and met stipulated DP World Tour playing and promotional commitments. Jon Rahm was not part of the original group but reached a separate, similarly structured agreement with the tour in May.

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Reports now indicate that the DP World Tour has told LIV players it is “highly unlikely” that equivalent conditional releases will be issued for 2027. If that position is maintained, LIV players who continue to enter conflicting events could once again face sanctions, but the tour has not yet issued a final blanket 2027 ruling.

Given that Sergio Garcia, Lee Westwood, Rahm and Hatton don’t want to risk their Ryder Cup eligibility, these pros will likely be forced to choose between LIV Golf or DP World Tour. And as the bigger pros look elsewhere, the potential agreement to sustain the league looks bleak.

It seems that LIV Golf has been hit by series of blows; first, PIF suddenly parted ways; then they were sued by three companies, World Golf Group (WGG) and the Premier Golf League (PGL), and Mobii Systems; then the Asian Tour signed an alliance with the DP World Tour and PGA Tour, and now the new funding deal may not come to fruitation at all.

LIV Golf will play its last event at Indianapolis. Despite Jon Rahm winning another individual championship, it seems uncertain that he will play the event, as his decision about the future will be out in just a few weeks.