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LIV Golf future in doubt as Saudi Arabia's PIF mulls ending funding
TL;DR
LIV Golf's future is uncertain as Saudi Arabia's Public Investment Fund considers halting its financial support, potentially ending funding by 2026. The decision comes amid financial struggles and a shift in focus towards domestic investments due to regional conflicts impacting the fund's resources.
LIV Golf’s future is in doubt as multiple reports say its financial backer, Saudi Arabia’s Public Investment Fund, mulls stopping funding for the golf circuit.
Amid growing speculation that the league may be discontinued at the end of 2026, the Financial Times reported that PIF is weighing the prospect of no longer funding LIV, with an announcement coming as soon as Thursday. Though the sovereign wealth fund's estimated worth hovers near $940 billion, the Iran War and Middle Eastern conflict has taken a toll on the fund, according to reports. Saudi Arabia was already retreating from promised investments before the war, strained by budget shortfalls and unrealistic designs. The U.S.-Israeli conflict with Iran accelerated the reckoning. Iran's closure of the Strait of Hormuz has cut Saudi oil exports nearly in half. The kingdom has shut down most of its offshore fields and this month halted one of the world's largest petrochemical plants.
Additionally, on Wednesday, PIF announced its new strategy focusing on domestic programs rather than investing in global entities, as well as tightening its expenditures on projects that have not brought a return. PIF has injected more than $5 billion into LIV Golf since the league launched in fall 2021. However, the league has hemorrhaged billions and failed to gain investors for its teams. LIV CEO Scott O’Neil said earlier this year that it could be another decade before LIV sees profitability.
On Wednesday the The Athletic reported that members of LIV’s leadership team were informed on Masters Sunday that they would soon lose their positions, while the Telegraph reported that LIV executives were brought to New York for an emergency meeting. Sources have told Golf Digest that LIV leadership is looking for alternative funding for the league but so far is coming up empty.
LIV Golf has an event this week in Mexico City. On Tuesday, press conferences were canceled and the media center closed for what was later described as a power outage. On Wednesday, the league held a press conference, where Sergio Garcia said players have not been informed of any developments. For the moment, it appears this week’s event will be played as scheduled.
LIV is coming off a particularly poor showing at the Masters. Tyrrell Hatton parlayed a strong Sunday into a T-3 finish, but Jon Rahm—who entered as one of the tournament favorites—again struggled on the major stage, while LIV marquee attraction Bryson DeChambeau missed the cut. Sergio Garcia also created a viral moment for an outburst where he damaged a tee box and broke his driver.
LIV Golf has not responded to a Golf Digest request for comment. This is a developing story and will continue to be updated.
Q&A
Why is Saudi Arabia's Public Investment Fund considering stopping funding for LIV Golf?
The Public Investment Fund is evaluating its financial commitments due to budget shortfalls and the impact of regional conflicts, which have strained its resources.
What financial losses has LIV Golf experienced since its launch in 2021?
LIV Golf has reportedly lost billions since its inception, struggling to attract investors and achieve profitability, with projections indicating it could take another decade to break even.
What changes are being made within LIV Golf's leadership amid funding uncertainties?
LIV Golf's leadership has been informed of impending job losses, and executives have been called to emergency meetings as they seek alternative funding sources.