LIV Golf confirms new independent board with PIF backing set to end

[p]Sources at LIV told Reuters on Wednesday that Saudi Arabia's ‌Public Investment Fund (PIF) would be cutting funding, which has ‌totalled more than $1 billion a year since 2022, at the ‌close of the league's 2026 season.[/p][p]Without any mention of PIF, ‌LIV on Thursday announced a [b]"transition from a foundational launch phase to a diversified, multi-partner investment model" [/b]and a new independent board led by seasoned ‌business consultants Gene Davis and Jon Zinman.[/p][p][b]"LIV Golf has ⁠built something truly differentiated – a ‌global league with passionate fans, world-class talent, and demonstrated commercial momentum,"[/b] Davis, who ​will chair the board, said in a statement.[/p][p][b]"The executive leadership team, along with Jon and I, see a clear opportunity to ​help the league formalize its structure, attract and secure long-term capital, and position the business for growth."[/b][/p][embed guid="959599e2-d6ef-49fd-8a99-008318b13675" url="https://x.com/livgolf_league/status/2049806875030413665" social-type="twitter" /][p]LIV turned the golf world upside down in late 2021 ⁠when, armed with PIF's ​billions, it enticed some of the game's biggest names to defect from the long-established PGA Tour.[/p][p][b]Major winners [a href="https://www.flashscore.ca/player/dechambeau-bryson/vZG7Cn7s/"]Bryson DeChambeau[/a], [a href="https://www.flashscore.ca/player/rahm-jon/h41jCwka/"]Jon Rahm[/a], [a href="https://www.flashscore.ca/player/mickelson-phil/QylCNJeL/"]Phil Mickelson[/a], [a href="https://www.flashscore.ca/player/johnson-dustin/UqNejxuE/"]Dustin Johnson[/a], [a href="https://www.flashscore.ca/player/koepka-brooks/t0xtKfZH/"]Brooks Koepka[/a] and [a href="https://www.flashscore.ca/player/reed-patrick/OtRhqCKL/"]Patrick Reed[/a] were ‌all recruited to play team golf around the world for millions of dollars in prize money.[/b][/p][p]The league will now need to convince its big-name players, who are on highly lucrative contracts, of LIV's long-term viability without the Saudi backing.[/p][p]Some players have already decided to return to the PGA Tour.[/p][p]Five-time major winner Koepka rejoined as part of a limited Returning Member Program this year and former Masters champion Reed plans to ‌reinstate his membership for the 2027 season.[/p][p]LIV said the league ​had posted a 100% increase in revenue year-on-year this ‌season and was convinced the team golf model would be highly attractive to investors.[/p][p][b]"We are now leveraging this momentum to engage in constructive, forward-looking discussions with prospective global investors and partners who share our vision for an inclusive and modernized ⁠game,"[/b] the league said.[/p][p][b]"For our ⁠fans, players and partners, ‌our commitment to world-class golf remains unchanged as this process unfolds."[/b][/p]