Jon Rahm and the 'LIV 1.0' question: An uncertain future after PIF withdraws funding

Jon Rahm is in Ireland, and the biggest question in the golf world this week isn't on the fairway. The two-time major champion, now a LIV Golf player, will compete in the 2026 Amgen Irish Open, a DP World Tour event featuring Rory McIlroy and many faces from both LIV Golf and the PGA Tour. But if fans are only focused on how Rahm performs on an Irish course, they're missing a far bigger issue: Rahm's future after LIV Golf's 2026 season ended early and almost in limbo. The 2026 LIV Golf season closed last month, earlier than scheduled, right after the LIV Indianapolis event. The reason is the Saudi Public Investment Fund's decision to withdraw funding — the main backer that made LIV Golf a force separate from the PGA Tour over the past three years. The 54-hole, 12-team tour now faces possible collapse. League leadership is trying to restructure into 'LIV 2.0' for 2027, but to do that, they need two things: massive outside investment and commitment from the biggest stars, such as Jon Rahm. The two conditions are closely connected. Investors won't pour tens of millions — or even hundreds of millions — without guarantees that the names creating the tour's appeal will still play. Jon Rahm, winner of the 2026 U.S. Open and 2026 Masters, is among LIV Golf's most valuable assets. The contract he signed in 2026 is reportedly worth hundreds of millions of dollars. The amount still owed on that contract is also substantial. Whether Rahm stays through the full term will heavily influence investor confidence. Speaking to BBC Sport on the eve of the 2026 Amgen Irish Open, Rahm was asked directly whether he sees himself with LIV's future or heading back to the PGA Tour. His answer left everything uncertain. He didn't deny, didn't confirm, and repeated 'time will tell.' 'There's just a lot of things in place, right? There's a lot of things that could happen, and it's one of those things where time's gonna tell,' Rahm said. When asked if he would like a pathway back to the PGA Tour, Rahm again dodged, saying he still has a contract with 'LIV 1.0' that he is willing to fulfill. Rahm's use of 'LIV 1.0' is significant. At a time when LIV Golf CEO Scott O'Neil is discussing 'LIV 2.0', Rahm referring to his old contract as 'LIV 1.0' may not be coincidental. It subtly highlights the gap between the version of LIV he signed with and the version now being planned. If LIV 2.0 doesn't legally inherit the original contract obligations, or if the new financial structure can't pay the promised money, Rahm's contract could become meaningless. Legally, a contract only works when both parties exist and can perform. The current LIV Golf — call it LIV 1.0 — is on the verge of collapse after PIF pulled funding. If the tour is restructured into a new company, old contracts may need to be renegotiated. Rahm may be watching that process while keeping his options open. His answer 'I'm more than willing to fulfill' is diplomatic: if he gets paid, he'll play. If not, the door back to the PGA Tour remains open. Golf history has seen many such negotiations. When LIV Golf first recruited stars, players like Rahm faced criticism from the PGA Tour. The huge contract was once seen as a safe bet. Now, with Saudi money slowing, Rahm and his colleagues must decide: continue with a tour that has no new investor, or seek stability elsewhere. The 2026 Amgen Irish Open is thus an ironic setting. Rory McIlroy — one of LIV Golf's loudest critics — is appearing alongside Jon Rahm at a DP World Tour event. For Rahm, playing in Ireland could help re-establish ties with traditional golf structures, where DP World Tour remains a bridge between the PGA Tour and Europe. Observers believe Rahm will use this event to send signals, or at least to prove his market value on the course. Rahm didn't reveal any potential investors for LIV Golf 2.0, but market speculation suggests several sports investment funds from the U.S. and the Middle East are studying the case. If a big fund steps in, Rahm's situation could change overnight. But without a fund willing to take on operating costs and existing contracts, LIV Golf may face bankruptcy, and players could leave before the 2027 season. The story heated up after LIV Indianapolis last month. Shortly after PIF announced its withdrawal, several LIV players began speaking out. Reports said key players requested written confirmation about contract status. Rahm didn't comment on internal meetings, but his 'a lot of things could happen' comment suggests intense talks behind the scenes. The PGA Tour, of course, isn't openly inviting players who left. But it understands the Saudi investment wave has upended golf's ecosystem. If LIV Golf 2.0 fails, previous sanctions against players who switched tours may need reconsideration. Rahm has repeatedly said he doesn't regret joining LIV, but in a world driven by money, words can change when contracts change. What stands out is Rahm saying 'LIV 1.0' rather than 'LIV Golf' or 'the current LIV.' This is a deliberate distinction from someone known for avoiding binary questions. Rahm is sending two messages: first, he remains a man of his contract; second, he is closely monitoring the transition from LIV 1.0 to LIV 2.0. If LIV 2.0 honors the old terms, Rahm will play. If LIV 2.0 is just a new brand on the ashes of the old tour, Rahm will almost certainly protect his own value. Rahm isn't the only one facing questions about the future. Every LIV player, from major champions to rising talents, is waiting. The only difference is Rahm has the biggest contract and the most protective clauses. But even the tightest contract struggles against a liquidity crisis. Players might accept pay cuts to save the league, or fight for their rights in court. Vietnamese golf fans have reason to follow this story too. It goes beyond LIV's internal drama, touching the power of money and the limits of long-term contracts when legal frameworks lag behind market shifts. What's happening with Jon Rahm is a clear example: a top athlete, a massive contract, and a league that could collapse at any moment. Fans often think wealthy golfers are safest, but even the biggest stars can be swept into financial turmoil beyond their control. So what will Jon Rahm do? His management team hasn't made an official statement. The LIV 1.0 contract says Rahm received a large payment and will receive more if he plays. But LIV 2.0 may not have the money. If leadership can't find investors, LIV will default, and Rahm will almost certainly leave. Conversely, if a new fund emerges with a long-term business plan, Rahm may still play for the tour he chose three years ago. Rahm seems prepared to wait. He still plays, practices, and answers interviews calmly. But behind that calm is calculation. Playing well at the Irish Open, impressing potential investors and DP World Tour officials, could be part of a long game. His shots at the Irish course this week won't only decide a trophy; they'll help shape his negotiating position in the coming months. Golf history shows that big signing deals rarely end the way they were first written. LIV 1.0 might represent a financial boom, but LIV 2.0 — if it appears — will be a battle of survivors. Jon Rahm is a capable survivor. The only question is which side he chooses. The first round of the 2026 Amgen Irish Open is near. Fans will see whether Rahm steps onto the tee in a LIV Golf shirt or something else. It's too early to tell. But one thing is certain: Rahm's final answer won't come from a press conference; it will come from a contract negotiation table. The wind from the Irish coast carries the salt of the Atlantic, but it may also carry the breeze of a new deal.