LIV

Two weeks ago, LIV Golf did its best to conceal the fact that the Saudi Public Investment Fund would cease to bankroll the league after the current season, only to have LIV CEO Scott O’Neill let the truth slip during a television interview.

This week, the intentions of PIF and consequences to LIV are known by all.

LIV Golf announced Thursday that it has established a new independent board that will attempt to keep the league afloat utilizing a “diversified, multi-partner investment model.” In other words, a model that doesn’t include PIF.

PIF Governor Yasir Al-Rumayyan no longer will serve as LIV Golf chairman, another unmistakable signal that the Saudi sovereign wealth fund worth an estimated $1 trillion is cutting ties with financially troubled LIV.

LIV Golf was supposed to be a key component in Saudi Crown Prince Mohammed bin Salman’s “Vision 2030” plan to diversify the kingdom’s economy away from oil. PIV lured megastar golfers Phil Mickelson, Jon Rahm, Bryson DeChambeau, Dustin Johnson and others away from the PGA Tour by shoveling hundreds of millions of dollars into their bank accounts.

Al-Rumayyan, Prince bin Salman’s trusted technocrat, was charged with implementing the plan, but LIV Golf has failed to attract significant viewership or commercial sponsors despite innovations such as a 54-hole format and a team model.

When LIV and the PGA Tour came to a short-lived, tentative agreement to end pending litigation and potentially join forces in 2023, Al-Rumayyan was a key figure in the negotiations.

A last-ditch effort to broker a merger between the rival leagues took place in the White House in February 2025 when President Trump hosted Al-Rumayyan, PGA Tour commissioner Jay Monahan and Tiger Woods. No agreement was reached.

Now, apparently, PIF will attempt to turn its attention to initiatives that don’t bleed billions. The fund has invested more than $5 billion into LIV Golf since it was launched in 2022 and is reportedly spending $100 million per month this year.

The wealthy but suddenly unmoored LIV golfers have been left to scramble like a weekend hacker trying to salvage a bogey after chipping into a sand trap.

LIV Golf Louisiana announced that the tournament scheduled for June 25-28 in New Orleans has been postponed. A new date hasn’t been set. However, an official told ESPN on Thursday that next week’s tournament at Trump National Golf Club outside Washington, D.C., will take place as planned.

Six other tournaments remain on the schedule that concludes with LIV team championships on Aug. 27-30 at The Cardinal at Saint John’s in Michigan. Tournaments outside the United States are scheduled for South Korea, Spain and Great Britain.

Hired Thursday to come up with a financial model to keep LIV afloat sans PIF are Gene Davis and Jon Zinman, described in a LIV statement as “seasoned experts with proven track records of navigating complex situations and unlocking value for global organizations.”
 
LIV Golf’s contorted spin on acknowledging that PIF will no longer subsidize the league was a statement saying it will focus on ”securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model.”

Davis, the newly appointed chairman of the LIV Independent Directors Committee, sees opportunity in the face of a PIF-less future.

“LIV Golf has built something truly differentiated — a global league with passionate fans, world-class talent, and demonstrated commercial momentum,” he said in a statement. “The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalize 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.” 

LIV Golf appears to be dying on the vine but doesn’t want to say so.

Amid several reports that the Saudi-backed Public Investment Fund will cease its abundant funding of LIV Golf after the 2026 season, officials with the four-year-old PGA Tour competitor chose to focus on the fact that the show will go on — at least through August.

During a broadcast interview from the LIV tournament in Mexico City, LIV Chief Executive Scott O’Neil would not say if the league has a funding commitment from the Public Investment Fund, or PIF, beyond this year.

O’Neil responded to a question about golfer Sergio Garcia saying this week that LIV Golf Chairman Yasir Al-Rumayyan “told us at the beginning of the year that he is behind us, that they have a project of many years.”

“It’s just not the way the world works,” O’Neil said. “We have commitments to have this … the reality is you’re funded through the season and then you work like crazy as a business to create a business and a business plan to keep us going.

“But that’s not different from any other private equity-funded business in the history of mankind.”

The interview was pulled from the internet shortly after it was posted.

PIF announced a new five-year strategy Wednesday that will reduce international investments from 30% to 18-20% of the portfolio and place greater emphasis on Saudi domestic initiatives to promote sports. LIV Golf does not fit into that category and was not mentioned.

“PIF will continue to support Saudi Vision 2030 objectives by delivering competitive domestic ecosystems,” Al-Rumayyan said in the announcement. “The 2026-2030 strategy is a natural next step in PIF’s growth journey.”

PIF approved more than $250 million in additional funding for LIV Golf this year, hiking the total investment to more than $5.3 billion since the league was launched four years ago. Documented losses are more than $1 billion from 2022 to 2024, according to Forbes.

LIV Golf executives were rushed from various corners of the planet to a meeting this week in New York where the future of the operation was discussed in private and decisions were made.

A few flew in from Mexico City, where this week’s tournament began Thursday at the Club de Golf Chapultepec. It is one of the highest-altitude golf courses in North America, and LIV golfers took deep breaths before answering press questions about reports that the organization was on the verge of collapse.

“For me, it didn’t make sense to think about it or waste time thinking about,” superstar golfer Jon Rahm said after shooting a first-round 65. “Since everything happened so suddenly and so quickly, I wasn’t very worried about it because normally, before the rumors start, we already know something — there’s always someone within the league who knows something.”

Communication at the tournament was spotty. A power outage at the course Tuesday caused interviews to be canceled, and streaming of the first round Thursday was down for about two hours because of what were described as technical difficulties.

Yet nothing could stop the speculation and growing unease about the future of LIV Golf. Money continues to hemorrhage, as does the roster of big-name golfers.

LIV Golf purses each week are $30 million — 50% more than PGA Tour purses. Enormous signing bonuses were doled out to secure the services of superstar golfers Phil Mickelson, Dustin Johnson, Cameron Smith, Bryson DeChambeau and Rahm. All received bonuses of at least $100 million to defect from the PGA Tour, and Rahm, a relative latecomer to LIV Golf, received a reported $300- to $500-million bonus.

Yet original LIV Golf members Brooks Koepka and Patrick Reed recently returned to the PGA Tour. Others are bound to follow.

Former PGA standout Greg Norman was the LIV Golf chief executive until resigning in August, citing exhaustion. His comments upon exiting might have foreshadowed the current difficulties.

“I knew there were going to be a lot of headwinds,” he told the Australian Golf Digest. “I didn’t anticipate the magnitude of those headwinds because … as time went by, those headwinds were created by misperceptions.”

Norman was replaced by O’Neil, whose internal message to the LIV staff Wednesday attempted to quiet concerns about PIF pulling the plug. He urged the golfers to focus on the season that is already underway.

“We are heading into the heart of our 2026 schedule with the full energy of an organization that is bigger, louder and more influential than ever before,” O’Neil wrote in the message obtained by Sports Illustrated. “The life of a startup movement is often defined by these moments of pressure. We signed up for this because we believe in disrupting the status quo.

“We have faced headwinds since the jump, and we’ve answered every time with resilience and grace. Now we answer by doing what we do best: putting on the most compelling show in sports.”

One of those headwinds is that “a compelling show” can be a relative term. LIV Golf has been popular in golf-starved locales such as Australia and South Africa, but TV ratings are low everywhere and interest in events held in the United States is tepid.

PIF — worth an estimated $1.15 trillion — launched LIV Golf as part of a strategy to transform Saudi Arabia into a global sports hub, using its vast oil revenue to drive economic diversification, create jobs and boost tourism. Initiatives include massive investments in soccer, tennis and esports in addition to golf.

The PGA Tour countered by increasing prize money and creating a series of limited-field “signature events” for top players. Rory McIlroy and Tiger Woods are among the sport’s top stars to steadfastly remain loyal to the PGA Tour, with Woods turning down an offer from LIV Golf of $800 million in 2022.

Mexico City is the sixth stop in the LIV Golf 14-tournament season that concludes in August. The Individual Championship finale is scheduled for Indianapolis from Aug 20–23.