Saudi Arabia’s Public Investment Fund (PIF) has withdrawn funding from LIV Golf overnight, leaving the leagues players and staff without their main investor.
The league has been aware of this situation for the past two weeks. Players and staff were told that PIF would continue its monetary support through to the conclusion of 2026.
Founded in 2021, LIV Golf is a breakaway golf tournament that stands in direct opposition to the PGA tour.
LIV are now searching for new sustainable partners, as they plan towards a new investment model and board structure.
PIF governor Yasir Al-Rumayyan helped form LIV Golf in 2021. He is no longer listed as chairman of the competition, leading to reports of his resignation.
PIF have released a statement explaining their choice to pull their investment in LIV.
“The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy,” the statement read.
LIV are considering “strategic alternatives for its future beyond PIF’s funding horizon”. This includes selling stakes in the teams that PIF built in 2022, after attracting many of the world’s best players to switch to their tour with groundbreaking contracts and sign-on bonuses.
Those who have moved to the LIV tour include major winners Bryson DeChambeau and Sergio Garcia, as well as Australians Cameron Smith, Marc Leishman, Lucas Herbert, Elvis Smylie and Travis Smyth.
LIV are now in a transitional phase, as they introduce a new board that will take the league forward.
LIV’s new board includes financial experts Gene Davis and Jon Zinman, who are leading the search for new long-term financial partners.
“The executive leadership team, along with Jon and me, see a clear opportunity to help the league formalise its structure, attract and secure long-term capital, and position the business for growth while continuing to promote the game across the world,” Davis said.
The tour expects 10 of its 13 teams to draw a profit this year.
Adelaide is due to host the tournament in 2028, with the government set to invest $45 million in upgrading their public golf course.
Photo: Paul Casey tees off at LIV Golf by JazzyJoeyD is available HERE and is used under a Creative Commons Licence.
