The Public Investment Fund (PIF) of Saudi Arabia has announced that its financial backing for LIV Golf will cease at the conclusion of the 2026 season. This decision follows the league's recent call for new investors to step in and fill the gap left by the Saudi sovereign wealth fund. With the PIF’s exit, the future of the breakaway circuit and the players who have signed on remains uncertain, prompting a flurry of speculation and strategic planning. Since its debut in June 2022, LIV Golf has been underwritten by the PIF, which has poured more than $5 billion (approximately £3.7 billion) into the venture.
The fund’s involvement has been the cornerstone of the league’s ability to offer lavish prize money, secure high‑profile venues, and attract some of the world’s biggest names in the sport. However, a statement released on Thursday made clear that the PIF’s investment no longer aligns with its current portfolio strategy and broader macro‑economic considerations.
The fund said it had created an independent board committee to explore strategic alternatives for the league beyond the PIF’s funding horizon. In response, LIV Golf’s chief executive, Scott O’Neil, has insisted that the schedule of events will continue "full throttle" while the organization embarks on a "strategic evolution" to diversify its revenue streams. The league has announced the formation of an independent board, appointing executives Gene Davis and Jon Zinman to steer the next phase. According to the league, talks are already underway with prospective global investors and partners who share a vision for a more inclusive, modernised game.
The aim is to shift from a single‑source funding model to a multi‑source approach that can sustain the league’s ambitions. The announcement has sparked a wave of questions about how the funding cut will affect not only golf but other sports that have benefited from PIF money, such as snooker, boxing and football.
Sky Sports News chief correspondent Kaveh Solhekol summed up the sentiment, noting that the PIF has poured $5 billion into LIV over five years without seeing a return, and that the fund has been warned that the league is unlikely to turn a profit for the next five to ten years. "They’ve had enough of losing money," Solhekol said, adding that the decision reflects a cold‑hearted business calculation rather than any emotional attachment to the sport. Financially, LIV Golf has struggled to achieve profitability. The UK‑based arm reported a loss of $624.21 million (£461.8 million) in 2024, bringing cumulative losses outside the United States to roughly £1.1 billion over three and a half years.
The league’s operating costs remain high, with each event offering $30 million (£22.25 million) in prize money and total expenditures projected to reach $6 billion by year‑end, according to Money in Sport. Nevertheless, a spokesperson for LIV Golf told Sky Sports that the league expects to generate $100 million (£74 million) from its first five events of the season, with sponsorship and partnership revenues up 40 percent year‑on‑year and ticket sales climbing 129 percent.
The restructuring plan also includes a review of strategic options for team equity sales, aiming to diversify stakeholders and eventually allow individual teams to raise capital independently. Four LIV events and ten teams are projected to become profitable by 2026, according to the league’s internal forecasts. The impact on players is a major point of focus.
Many of the league’s marquee signings—such as Bryson DeChambeau, Jon Rahm, Brooks Koepka and others—have already begun to explore their options. In a recent call with the 13 team captains, LIV discussed its future plans, but the uncertainty surrounding financing has prompted players to weigh the risks of staying versus returning to the PGA Tour or the DP World Tour. The PGA Tour has declined to comment, while the DP World Tour confirmed that several players have inquired about possible reinstatement.
Reinstatement is not straightforward. Players who have left the PGA or DP World Tours to join LIV typically face a mandatory 12‑month suspension from PGA‑sanctioned events. Some, like Koepka, have navigated the Returning Member Scheme, paying hefty fines (up to $5 million in charitable donations) to regain limited access.
Others, such as Rahm, have rejected conditional releases, describing the terms as "extortion" and indicating that any return would require the settlement of fines exceeding $3 million (£2.22 million). DeChambeau, whose contract expires at the end of the 2026 season, is reportedly in negotiations with LIV about a new deal. He told the Flushing It platform that he remains committed to making the league work, acknowledging that the venture is akin to a startup with inevitable growing pains. "There are a lot of moving parts, like in any business," he said.
"This is one of those moments, but I’ll do everything I can to make it work and I see the value in franchise golf." Beyond golf, the PIF’s broader sports portfolio appears unchanged. The fund reiterated its commitment to investing in a variety of sports, including football, boxing, Formula 1 and e‑sports.
Solhekol highlighted positive developments such as the continued success of Newcastle United—owned by the PIF—who have won a trophy for the first time in 70 years and are back in the Champions League. He also noted that while the Saudi Pro League may seek additional private investors, its funding is likely to continue, and the 2034 World Cup plans remain largely intact, albeit with a more business‑driven approach. In summary, the withdrawal of Saudi backing marks a pivotal moment for LIV Golf. The league is now tasked with securing a diversified financial base, navigating player contracts, and convincing investors that its innovative format can eventually become profitable.
While the road ahead is fraught with challenges, the organization’s proactive restructuring and ongoing negotiations suggest that the show will indeed go on, albeit under a new funding paradigm.