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LIV Golf has rejected suggestions it could cease operations as early as this week, with reports suggesting that the Saudi-backed Public Investment Fund (PIF) had grown tired of bankrolling huge losses with seemingly little in the way of return.
The speculation has dominated preparations for the fifth event of the season in Mexico but LIV chief executive Scott O’Neil has insisted that the 2026 season will continue ‘exactly as planned’ amid speculation its owners may withdraw funding for the series.
‘I want to be crystal clear: Our season continues exactly as planned, uninterrupted and at full throttle,’ O’Neil said in a memo to LIV Golf staff obtained by SportsPro.
‘While the media landscape is often filled with speculation, our reality is defined by the work we do on the grass. We are heading into the heart of our 2026 schedule with the full energy of an organisation that is bigger, louder, and more influential than ever before.’
Sources with knowledge of LIV Golf’s operations insist its funding and operations are continuing as planned, but O’Neil’s memo has done little to quash speculation that the series’ days are numbered.
The arrival of LIV five years ago upended the world of golf and signified a new era of Saudi-backed investment in sport. Its downfall could have significant consequences for both.
LIV Golf CEO Scott O’Neil insists the golf circuit will continue to operate as normal amid speculation around its future (Image credit: Getty Images)
How did we get here?
Since launching in 2021, LIV has lured some of golf’s top players, including Jon Rahm, Bryson DeChambeau and Tyrell Hatton, away from the PGA Tour and DP World Tour with multi-million-dollar contracts.
But despite this investment, LIV has struggled to capture public and broadcaster interest. Its first two full seasons were aired by The CW, a minor network which had hitherto not concerned itself with sports broadcasting. Although a move to a major network in Fox netted a ‘modest rights fee’, average viewership was just 338,000.
International broadcast deals signed with the likes of TNT Sports in the UK, Sky in Germany and Viaplay in the Nordics have also failed to be a money spinner, with media income reportedly amounting to just US$2.7 million.
LIV has fared better in terms of sponsorship, attracting blue-chip brands such as Rolex, Salesforce, HSBC and Qualcomm as partners. LIV’s president of business operations Chris Heck confirmed to SportsPro in February that it had already secured US$500 million in sponsorship revenue across multi-year deals and that he had no concerns about having to provide any guarantees regarding its future.
This activity was crucial for LIV given O’Neil had conceded last year that it would be five to ten years before the tour became profitable. In its most recent accounts, the competition’s UK division declared net losses of US$461.8 million in 2024, meaning it has lost more than US$1.1 billion so far.
A subsequent report revealed that the PIF had invested a total of US$5.3 billion in LIV, with the Saudi sovereign wealth fund funnelling US$100 million each month to the circuit.
Given the return on investment – either in financial or soft power terms – this sizeable outlay has clearly become harder for the Saudis to justify, and despite plans to sell team stakes to external investors, they may have decided the venture is simply too unsustainable to continue.
What does this mean for sport’s relationship with Saudi Arabia?
Uncertainty around PIF’s commitment has been intensified by its new five-year investment strategy covering 2026 to 2030.
The sovereign wealth fund manages nearly US$1 trillion in assets and has been the primary investment vehicle used by Crown Prince Mohammed bin Salman to make the Saudi economy less reliant on oil.
Sport was initially a major area of interest, with PIF also investing in Premier League soccer club Newcastle United and four Saudi Pro League (SPL) clubs. Its subsidiary SURJ Sports Investment has also backed the Professional Fighters League (PFL), Kings League MENA and the Professional Triathletes Organisation (PTO).
However, the new plan set out by PIF will see it focus on six areas, with sport not among the listed so-called ecosystems that will be prioritised.
Speaking to Al-Arabiya Business, PIF governor Yasir Al-Rumayyan confirmed it had been instructed to reprioritise its spending, with the focus now on delivering major domestic projects.
“Local investment should be 80 per cent and we aim for international investment to be 20 per cent, down from a high of 30 per cent,” Al-Rumayyan said.
The consequence is that sports properties will likely have to demonstrate the value they can deliver for the Saudi domestic economy. Even domestic properties are not immune. PIF has already sold 70 per cent of Al-Hilal and plans to privatise and sell all its SPL teams.
Saudi Arabia is reportedly unlikely to renew its deal to host the Women’s Tennis Association (WTA) Finals, has already exercised an opt-out clause to end its agreement to host the Next Gen ATP Finals, and Front Office Sports (FOS) reports the kingdom could withdraw support for a flag football event led by Fanatics.
It remains to be seen what developments mean for Newcastle United. While the Premier League club generates significant revenue, it does require considerable investment to remain competitive. In December, Newcastle chief executive David Hopkinson reaffirmed the fund’s commitment to the club, describing the team as a “special investment” for the PIF.
One property that will be unaffected is the 2034 Fifa World Cup, which is expected to be Saudi’s number one sporting priority moving forward. The tournament will be an event of significant national importance and the country plans to invest in tourism and urban development to be ready for the competition in eight years’ time.
Led by Yasir Al-Rumayyan, Saudi Arabia’s PIF is pivoting its investment approach away from international sport in favour of domestic projects (Image credit: Getty mages)
What happens next?
LIV Golf Mexico will proceed as scheduled, and a formal announcement on the series’ future is reportedly expected in the next few days.
An immediate withdrawal of funding would almost certainly mean the end of the competition. But if PIF continues to the end of the 2026 season then LIV could seek a new investor attracted by its improved projected financial figures for this season.
SportsPro understands LIV is on course to increase revenue by US$100 million this season, with ticket sales up 129 per cent on last year. Events in Australia and South Africa have already attracted record attendances.
But although several parties have expressed interest in investing in individual teams, taking on the tour as a whole is a different proposition. Few, if, any will be able or willing to match PIF’s reported monthly contribution of US$100 million.
Players unwilling to accept reduced terms or prize pools would likely seek returns to the PGA Tour or DP World Tour, which could seek to impose financial penalties or restrictions as a condition of being brought back into the fold. The PGA Tour’s plans to introduce smaller fields and promotion and relegation could reduce opportunities too.
Meanwhile, the prospect of a merger with the PGA Tour and DP World Tour, first announced three years ago, now appears to be non-existent. Progress has been glacial, all three tours have continued with independent strategies, and the PGA Tour has secured US$3 billion for a new for a new commercial entity that decreases the need for Saudi money.
PGA Tour chief executive Brian Rolapp has said “fans want the best players playing together” but has dampened speculation it could actively seek to poach LIV players. Instead, he will be confident that the PGA Tour’s product – and a weakened competitor – will lure stars back organically.
Even so, these reforms may or may not have happened without LIV’s arrival.
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