LIV Golf races against time for investment with confirmation Saudi funding will end in 2026

LIV Golf’s race to secure at least a watered down future is formally under way after Saudi Arabia’s Public Investment Fund (PIF) confirmed it will cease to fund the breakaway circuit at the end of this year. Fears over LIV’s existence are inescapable given the PIF has bestowed in excess of $5bn on the tour since 2021. Tournaments started in the following year; there is a very real chance the 2026 season will prove LIV’s last.

LIV had already confirmed appointment of new board members, aimed with the specific task of raising finance, by the time the PIF stipulated its position on Thursday. “PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,” read a statement. “The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy. This decision has been made in light of PIF’s investment priorities and current macro dynamics.

“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.”

The PIF’s abrupt switch in strategy caught LIV’s executives completely off guard in the immediate aftermath of Rory McIlroy’s win at last month’s Masters. Scott O’Neil was hired as LIV’s chief executive in early 2025 with the remit of growing the business rather than sourcing necessary, external moneys. The order to end LIV involvement is understood to have come directly from Saudi Arabia’s crown prince, Mohammed bin Salman, having been at least partly influenced by the impact of the Iran war.

As their statement was released, the governor of the PIF, Yasir al-Rumayyan was in the north-east of England holding discussions relating to Newcastle United. Rumayyan, once front and centre of LIV, now effectively has nothing to do with that business. As recently as February, Rumayyan had declared in a meeting with leading players on LIV that funding was secure until at least 2032. One key, unanswered question is whether or not Saudi Arabia attaches value to its LIV involvement or whether it will gladly step away without any form of recompense.

Gene Davis and Jon Zinman have become LIV directors. Davis said: “The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalise its structure, attract and secure long-term capital, and position the business for growth while continuing to promote the game across the world. We look forward to positioning LIV Golf for future success.”

O’Neil has presided over increased revenues and has attracted some marquee sponsors. Yet there is widespread acknowledgment that very best scenario for LIV involves significantly reduced tournament numbers – the schedule is 14 at present – and prize funds vastly reduced from the $30m currently on offer. It is highly questionable to whom a LIV light model would appeal.