LIV seeks new investors after losing Saudi backing
LIV Golf wasted little time charting its next move after confirmation that Saudi financial support for the breakaway circuit will come to an end, unveiling a new board and opening the door to fresh long-term investors.
LIV Golf wasted little time charting its next move after confirmation that Saudi financial support for the breakaway circuit will come to an end, unveiling a new board and opening the door to fresh long-term investors.
Reports earlier this week said Saudi Arabia’s Public Investment Fund (PIF) would stop its backing — worth more than $1bn a year since 2022 — after the league’s 2026 season.
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Without naming PIF directly, LIV said on Thursday it was making a “transition from a foundational launch phase to a diversified, multi-partner investment model” and had installed a new independent board headed by veteran business consultants Gene Davis and Jon Zinman.
A PIF spokesperson later said: “PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season.
“This decision has been made in light of PIF’s investment priorities and current macro dynamics.
“The LIV Golf board has created a committee of independent directors to evaluate strategic alternatives for its future beyond PIF’s funding horizon.
“PIF remains committed to deploying capital internationally in line with its investment strategy, including its substantial current and future investments in various sports as a priority sector.”
LIV shook professional golf to its core in late 2021 when it used PIF’s vast resources to lure several of the sport’s most prominent players away from the long-dominant PGA Tour.
Major champions Bryson DeChambeau, Jon Rahm, Phil Mickelson, Dustin Johnson, Brooks Koepka and Patrick Reed were among those who signed on to compete in LIV’s team-based events around the world, with millions of dollars in prize money on offer.
Graeme McDowell and Tom McKibbin also joined the breakaway league.
The challenge for LIV now will be persuading its star players — many tied to highly lucrative deals — that the circuit has a credible future without Saudi backing.
Some players have already opted to head back to the PGA Tour.
Five-times 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.
LIV said revenue had doubled year-on-year this season and argued that its team golf format would remain a compelling proposition for investors.