Saudi Arabia ends funding for LIV Golf amid leadership change

SAUDI PUBLIC INVESTMENT FUND CUTS FUNDING FOR LIV GOLF LEAGUE

The Public Investment Fund (PIF) of Saudi Arabia has announced that it will no longer provide funding to the breakaway LIV Golf league after the 2026 season. The decision was made in light of PIF’s investment priorities and current macro dynamics.

As part of its new business strategy, LIV Golf has established a newly created board with Gene Davis of the Pirinate Consulting Group as chair. The board is focused on securing long-term financial partners to support the league beyond PIF’s funding horizon.

LIV Golf has announced plans to move towards an investment model involving multiple partners and team franchises. The league expects 10 of its 13 teams to be profitable this year, according to a statement from Davis.

The Saudi investment fund stated that it had made the decision to cut funding due to the substantial investment required by LIV Golf over a longer term. PIF remains committed to deploying capital internationally in line with its investment strategy, including its current and future investments in various sports as a priority sector.

LIV Golf has grown the game of golf globally through its transformational and positive impact, according to the league’s statement. The executive leadership team is working to formalize the league’s structure, attract long-term capital, and position the business for growth while continuing to promote the game across the world.

The decision by PIF to cut funding has raised questions about LIV Golf’s ability to retain top players once their lucrative contracts expire. The league has spent $1 billion on talent since its launch in 2022, including notable signings such as Bryson DeChambeau and Phil Mickelson.

Source: Al Jazeera