Saudi Public Investment Fund to cut LIV Golf backing following 2026 season

[p]The announcement came hours after LIV Golf, founded in 2021 as a rival to the PGA Tour, said it was seeking to secure "long-term financial partners."[/p][p]It has reportedly cost PIF over $5 billion so far to operate the series after signing many of the world's top players, including Major winners [a href="https://www.flashscore.ca/player/dechambeau-bryson/vZG7Cn7s/"]Bryson DeChambeau[/a] and Spaniard [a href="https://www.flashscore.ca/player/rahm-jon/h41jCwka/"]Jon Rahm[/a].[/p][p]Saudi's powerful wealth fund, however, said funding for the project would be axed as PIF looked to pare back a string of projects in the kingdom, with the war in the Middle East raising fresh speculation about investment priorities moving forward.[/p][p][b]"PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,"[/b] a spokesperson for the fund said in a statement provided to AFP.[/p][p][b]"The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF's investment strategy."[/b][/p][p]The spokesman went on to say the decision had been made in light of "PIF's investment priorities and current macro dynamics."[/p][p][b][a href="https://www.flashscore.ca/news/golf-liv-golf-liv-golf-confirms-new-independent-board-with-pif-backing-set-to-end/AgMXk1Q0/"]LIV said earlier Thursday it was searching for new financial backers.[/a][/b][/p][embed guid="7b6513f7-b029-4af5-a7ae-42bac03d6f01" url="https://x.com/martynziegler/status/2049844585174643137" social-type="twitter" /][p]The golf league said it was looking to secure "long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model."[/p][p]There was also no mention in the LIV statement of PIF governor Yasir Al-Rumayyan, who co-founded the dissident league.[/p][p]The statement simply mentioned that two new board members, Gene Davis and Jon Zinman, had joined.[/p][p]LIV Golf described the duo as [b]"seasoned experts with proven track records of navigating complex situations and unlocking value for global organisations, to guide the league through its next phase."[/b][/p][h2]Uncertain future for LIV and players[/h2][p]The PIF statement confirmed rumours, which had circulated for several weeks, that the breakaway tour was on the verge of collapse due to the possible withdrawal of the Saudi financing.[/p][p]LIV's deep-pocketed backers in Riyadh were rumoured to have cooled on the extravagantly expensive project.[/p][p]LIV Golf CEO Scott O'Neil vowed prior to the announcement to continue the season "full throttle," though he conceded the league would "probably" have to raise money going forward.[/p][p][b]A collapse of LIV Golf could jeopardise the careers and earnings of its star players.[/b][/p][p]The likes of DeChambeau defected from the PGA Tour in acrimonious circumstances and may face severe penalties if they try to return.[/p][p]"There were rules, and they were broken," PGA Tour chief executive Brian Rolapp told the Journal this week. "With rules comes accountability."[/p][p][a href="https://www.flashscore.ca/player/koepka-brooks/t0xtKfZH/"]Brooks Koepka[/a] became the first LIV player to return to the PGA fold when the five-time major winner jumped ship last December.[/p][p]The 35-year-old American's return was made possible as the PGA created a Returning Member Program, described as offering [b]"a route back to elite performers who no longer have contractual limitations preventing them from complying with PGA Tour rules and regulations."[/b][/p][embed guid="8dafad6a-7f77-4dd4-a689-3d591e137a44" url="https://x.com/livgolf_league/status/2049806875030413665" social-type="twitter" /][p]LIV Golf postponed its planned June tournament in New Orleans on Tuesday, with officials saying they hope to reschedule an event for later this year.[/p][p]LIV's next tournament is set for May 7th to 10th at Trump National in suburban Washington.[/p][p]Its final scheduled tournament this season is set to take place in Indianapolis from August 20th to 23rd.[/p][p]Earlier this month, PIF announced its 2026-2030 strategy would reorganise the fund's investments.[/p][p]The announcement came as the kingdom and wider Middle East have been upended by the ongoing war in the region.[/p][p]The Gulf was hit hard by Iranian barrages on infrastructure, including airports, energy installations and ports, following the US and Israeli attack on Iran in late February.[/p][p]But even before the war, Saudi Arabia's economic reforms were coming under pressure, with persistently low oil prices in recent years shrinking government revenues and triggering deficit spending.[/p]