As LIV Golf steps into a new chapter, CEO Scott O'Neil is making it crystal clear where the real value lies: in the teams. In his first public comments since the Saudi Public Investment Fund (PIF) confirmed it will end its funding after the 2026 season, O'Neil emphasized the league's franchise model as the cornerstone of its future growth.

"If you ask me where the value of this business is, it's in the teams," O'Neil stated during his pre-tournament press conference ahead of this week's LIV Golf Virginia, which tees off Thursday at Trump National Golf Club Washington, D.C. "We believe that once we set the business in the right direction with the right trajectory, with the right revenue base and cost base—which we're well on our way to doing—that these teams will have extraordinary value. And that's where, if you're an investor and you're listening to this or reading this, that's where you're going to get your value."

This bold vision isn't new. Back in January, LIV executives unveiled an ambitious plan that could see each of the league's 13 franchises reach valuations of $1 billion. Even before the PIF's decision to pull funding, LIV had already begun exploring minority investment opportunities for some teams at $300 million valuations, working closely with Citi's sports advisory group to make it happen.

Currently, ownership of LIV's 13 franchises is split between the league itself, which holds 75% stakes in each team, and team captains—including big names like Bryson DeChambeau (Crushers GC) and Jon Rahm (Legion XIII)—who own the remaining 25%. Interestingly, no investment transactions have taken place yet, but that could be about to change.

In a move that signals a new era of financial restructuring, LIV announced on Monday that it has retained U.S.-based Ducera Partners as its investment banking adviser. This follows last week's creation of a new independent board, led by two corporate restructuring experts, designed to steer the league through this transition.

When asked about his emotions upon learning the PIF was ending its funding, O'Neil kept his cards close to his chest. "I don't know, it's hard to even think about that moment," he said. "So I'd rather not comment on how I actually felt, my emotion."

For fans and potential investors alike, the message is clear: as the Saudi era winds down, LIV Golf is betting big on its teams to drive long-term value. Whether you're a die-hard golf fan or just love following sports business, this is a storyline worth watching closely.