LIV Golfhas announced that it will look to secure “long-term financial partners” and transition to a “diversified, multi-partner investment model” after reports that Saudi Arabia’s Public Investment Fund (PIF) will pull its funding for the breakaway rebel golf league at the end of the 2026 season.
In an announcement on Thursday, LIV Golf revealed a “strategic evolution”, with a focus on securing new long-term investment from other sources after the withdrawal of its biggest backer. The announcement made no mention of Saudi Arabia, the PIF, or former LIV Golf governor Yasir Al-Rumayyan.
Instead, LIV Golf said a “newly established independent board” would “guide the league through its next phase” – but the release said the league’s “conviction in the team golf model has never been stronger”. Saudi Arabia’s PIF has invested over $5bn in LIV Golf since it was founded in 2022.
News of Saudi Arabia pulling its funding for LIV Golf first emerged two weeks ago, with the league insisting it would remain at “full throttle” this season. While an event in Mexico went ahead, an inaugural tournament in New Orleans scheduled to take place in June was postponed until later this year.
LIV Golf told players and staff on Thursday that PIF would be withdrawing its funding at the end of the season. The futures of star players, such as major winners Bryson DeChambeau and Jon Rahm, is now dependent on securing new investment.
The PIF invested around $5bn into LIV Golf since its breakaway four years ago, luring star players from the PGA Tour with nine-figure bonus fees and offering $30m in prize money at each event, which featured team play and a new 54-hole format.
But it also attracted strong criticism and controversy, with human rights groups claiming the league as sportswashing and a political strategy for Saudi Arabia to improve its global image through sports.
The league was run by the PIF’s governor, Al-Rumayyan, and two-time major winner Greg Norman, who operated as CEO until his departure in 2025, with Scott O’Neil replacing him.
Several leading stars have since left LIV Golf and are attempting to rejoin the PGA Tour. Brooks Koepka was allowed to rejoin the PGA Tour after paying a $5m fine. Patrick Reed also left LIV and is playing a European tour schedule this year before potentially qualifying for a PGA Tour card in 2027.
LIV Golf said the board will be led by two new appointments in Gene Davis and Jon Zinman, who they described as “seasoned experts with proven track records of navigating complex situations and unlocking value for global organisations”.
Davis said: “LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum. 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.”
