Saudi Arabia ends LIV Golf funding amid leadership change

Saudi Arabia’s Public Investment Fund (PIF) has confirmed that funding for LIV Golf will be cut after the 2026 season. The announcement comes as LIV Golf announces a new board and business strategy aimed at securing long-term financial partners.

The PIF, which previously provided significant funding to LIV Golf, stated in a statement that it has made the decision to fund the league only for the remainder of the 2026 season due to changes in its investment priorities and macroeconomic dynamics. The board has established a committee to evaluate strategic alternatives for the future beyond PIF’s funding horizon.

LIV Golf has announced plans to move towards an investment model involving multiple partners and team franchises, with the goal of securing long-term capital and promoting growth while continuing to promote the game globally. The league expects 10 of its 13 teams to be profitable this year.

Gene Davis, chair of the newly created board, stated that the executive leadership team aims to formalize the league’s structure, attract and secure long-term capital, and position the business for future success. LIV Golf has already spent $5.3 billion since its launch in 2022, with prize funds currently standing at $30 million per tournament.

Yasir Al-Rumayyan, the former chair of LIV Golf’s board, is no longer listed as a director. The league had previously relied on Saudi funding to launch and sustain operations, but this will cease after the 2026 season.

Source: Al Jazeera