Saudi Arabia's Public Investment Fund (PIF) is set to end its funding of the LIV Golf league, according to reports from both Fox News and CNBC. However, there is a discrepancy regarding the timing: Fox News cites a Wall Street Journal report stating that LIV Golf will inform players by Thursday that PIF will cease funding after this season [1], while CNBC reports, based on sources familiar with the matter, that PIF will end funding after the 2026 season [2].
LIV Golf, founded by Greg Norman in 2021 or 2022 (sources differ), was established as a rival to the PGA Tour and attracted high-profile players such as Brooks Koepka, Bryson DeChambeau, and Jon Rahm [1][2]. The league has faced challenges, including being denied Official World Golf Ranking points and lagging TV ratings compared to the PGA Tour [1][2]. LIV's non-U.S. operations reported a loss of nearly $600 million in 2024 [2]. Despite these setbacks, LIV announced new broadcast partnerships with FOX, IVT, DAZN, and KC Global Media for 2025, and is projected to earn $100 million more in year-over-year revenue during the 2026 season, with new sponsorships from brands like Rolex, HSBC, and Salesforce [2].
LIV CEO Scott O'Neil acknowledged the need for a new business plan and the possibility of raising additional funds, stating, "The reality is you're funded through the season, and then you work like crazy as a business to create a business and a business plan to keep us going. But that's not different from any other private equity-funded business in the history of man[kind]" [1][2]. O'Neil also mentioned that structural changes are coming and expressed excitement about the league's future, despite the funding uncertainty [1].
The league's future is further complicated by the impending expiration of key player contracts. According to CNBC, Bryson DeChambeau's contract ends after this season, while Jon Rahm is signed through 2027 [2]. Both sources note that LIV recently postponed its June tournament in New Orleans as it seeks new funding [1][2]. A committee of independent directors will evaluate strategic alternatives for the league after PIF withdraws its support [2].
The previously announced merger between LIV Golf and the PGA Tour, agreed upon in 2023, has not yet been completed [2]. LIV Golf did not immediately respond to requests for comment from either outlet [1][2].
CONCLUSION
Saudi Arabia's PIF decision to end funding for LIV Golf marks a pivotal moment for the league, with conflicting reports on the exact timing of the withdrawal. The league faces significant financial and operational challenges, including the need for new investors and uncertainty around key player contracts. The market impact is high, as LIV's future now depends on its ability to secure alternative funding and execute a viable business plan.