Yasir Al-Rumayyan leaving board of LIV Golf as Saudi funding dries up, report says

TL;DR

Yasir Al-Rumayyan is resigning as chairman of LIV Golf as the league plans to move forward without Saudi funding. LIV Golf will announce a new strategy and board to seek outside financial partners.

Key points

Yasir Al-Rumayyan resigns as LIV Golf chairman
LIV Golf seeks new strategy without Saudi funding
LIV Golf has spent $5 billion since its launch in 2022

Mentioned in this story

Yasir Al-RumayyanLIV GolfSaudi Public Investment Fund

Yasir Al-Rumayyan, the governor of Saudi Arabia's Public Investment Fund who was behind the creation of LIV Golf, is resigning as LIV chairman as the league seeks a new strategy without Saudi funding, according to a report published Wednesday night. Sports Business Journal cited three people briefed on the development. LIV Golf was planning announce on Thursday a strategy for moving forward without its primary financial backer, including a new board and plans to seek outside financial partners. LIV Golf did not immediately comment. Any decisions involving Al-Rumayyan would likely come from the PIF, which he has governed since 2015. Al-Rumayyan is passionate about golf and long wanted a seat at the table. He signed a framework agreement in 2023 with the PGA Tour and European tour. The deal never materialized except for ending antitrust lawsuits. Scott O'Neil, who replaced Greg Norman last year as CEO of LIV Golf, had told London-based TNT two weeks ago during LIV's Mexico City event that Saudi funding was good through the 2026 season and he would “work like crazy” to create a solid business plan. That raised questions about whether LIV Golf could keep some of its top players once their lucrative contracts expired. With financial muscle from Saudi Arabia's sovereign wealth fund, LIV Golf was able to spend $1 billion to land the likes of Bryson DeChambeau, Brooks Koepka, Phil Mickelson, Cameron Smith and eventually Jon Rahm, the last big signing at the end of 2023. The “Money in Sport” newsletter reported earlier this year that LIV Golf already had spent $5 billion since the league launched in 2022, a figure that would be $6 billion by the end of this year. Players have been aware Saudi funding would not be available after this season. DeChambeau said in an interview with the “Flushing It” social media site that “as long as LIV is here, I would figure out a way for it to make sense.” \\\_ AP golf:

Q&A

Why is Yasir Al-Rumayyan resigning from LIV Golf?

Yasir Al-Rumayyan is resigning as LIV chairman as the league seeks a new strategy without Saudi funding.

What financial challenges is LIV Golf facing?

LIV Golf is facing financial challenges as it plans to move forward without its primary backer, the Saudi Public Investment Fund.

How much has LIV Golf spent since its launch in 2022?

LIV Golf has reportedly spent $5 billion since its launch in 2022, with projections to reach $6 billion by the end of this year.

Yasir Al-Rumayyan leaving board of LIV Golf as Saudi funding dries up, report says

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