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- New LIV board seeking multiple investors
- PIF has spent more than US$5.3bn to date
- Sovereign wealth fund ‘remains committed’ to international sports investments
LIV Golf has started the search for new investors with Saudi Arabia’s Public Investment Fund (PIF) pulling the plug on its financial support at the end of the 2026 season.
The sovereign wealth fund has plunged more than US$5.3 billion into the breakaway golf circuit since it launched in 2021 and currently spends US$100 million a month to fund the venture’s ongoing operations.
However, with no prospect of a profit for at least a decade, any soft power gained by this sizeable outlay has become harder for the Saudis to justify given the PIF is redirecting its resources to other more strategic or lucrative investments.
A PIF statement carried by several outlets confirmed it was walking away from LIV hours after the tour announced the creation of a new independent board.
‘PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,’ the statement read. ‘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.
‘The LIV Golf board has created a committee of independent directors to evaluate strategic alternatives for its future beyond PIF’s funding horizon. LIV Golf has substantially grown the game globally through its transformational and positive impact. It has forever changed the game of golf for the better.
‘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.’
LIV players were reportedly informed of PIF’s decision to pull out on Wednesday, while its governor Yasir Al-Rumayyan is expected to step down from its board.
It had been speculated that LIV could cease operations as a result. However, the organisation is attempting to fill the financial vacuum with a ‘diversified, multi-partner investment model’ that would put it on firmer financial footing.
A new board, led by Gene Davis and Jon Zinman, will lead the search, with LIV expected to point to secured sponsorship revenues of more than U$500 million, a partner portfolio featuring blue-chip companies and increased social engagement as evidence of the potential of team-based golf.
It has also seen increased ticket sales – especially in Australia and South Africa. However, LIV generates negligible broadcast income, has struggled to capture public interest and few, if any, investors would be able to foot the bill for its massive player contracts.
LIV hopes that by attracting multiple investors – either through central investments or sales of stakes in teams – it can reduce its reliance on a single income stream. Additionally, Bryson DeChambeau, arguably LIV’s biggest star, is keen to stay with the organisation, but could seek as much as US$500 million to do so.
“LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum,” said Davis, chairman of the independent directors committee. “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.”
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