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Saudi Public Investment Fund withdraws from LIV Golf
The Saudi Public Investment Fund (PIF) will end its financial backing of LIV Golf at the close of the 2026 season, raising serious questions about the tour's viability. The move follows a strategic shift by PIF, which cited misalignment with its long-term investment priorities.
Leadership overhaul as LIV seeks new investors
In response to the funding withdrawal, LIV Golf announced a "strategic evolution," establishing an independent board led by Gene Davis and Jon Zinman. Both are described as having "proven track records in navigating complex financial and operational challenges." Yasir Al-Rumayyan, PIF's governor and LIV's co-founder, has stepped down from the board.
PIF stated that its "substantial investment" in LIV no longer fits its current strategy but acknowledged the tour's global impact on golf. "LIV Golf has transformed the sport and created lasting change," the fund said, while reaffirming its commitment to international sports investments.
Tour faces financial strain and scaled-back operations
LIV Golf has reportedly lost over $1.1 billion since its 2021 launch, with net losses outside the U.S. reaching $462 million in 2024 alone. Despite injecting $267 million this year-bringing total investment to over $5 billion-the tour's financial outlook remains precarious. Executives project $100 million in additional revenue for 2026 but admit the series will likely shrink from its current 14 events.
The tour recently postponed its June event in New Orleans, leaving a three-month gap in its U.S. schedule. However, international tournaments in South Korea, Spain, and Britain are still planned.
Players react amid uncertainty over future
Star golfers like Jon Rahm, Bryson DeChambeau, and Phil Mickelson-who joined LIV in 2023-face an uncertain future. DeChambeau, speaking after a recent event in Mexico City, emphasized his commitment to making the tour work: "I've put a lot of effort into this. We're going to figure out a way to make it sustainable."
Earlier this year, Rahm, DeChambeau, and Cameron Smith declined an offer to rejoin the PGA Tour under its "Returning Member Programme," which required paying hefty fines. Only Brooks Koepka accepted, paying an estimated £63 million to return. It remains unclear whether the PGA Tour would reopen this pathway if LIV collapses.
Broader implications for Saudi sports investments
PIF's withdrawal from LIV Golf reflects a broader shift in Saudi Arabia's sports strategy. The fund recently sold a 70% stake in Al-Hilal, a Saudi Pro League club, and canceled the Saudi Arabia Snooker Masters two years into a 10-year deal. Despite these moves, the kingdom remains a major player in global sports, hosting events like the 2034 World Cup and investing in football, Formula 1, and tennis.
LIV Golf's leadership insists the tour remains attractive to investors, citing its "global reach, world-class talent, and commercial momentum." However, with PIF's exit, the race to secure new funding-and the future of professional golf's most controversial tour-hangs in the balance.
