LIV Golf: Saudi Arabia's PIF confirms it will end funding of rebel league at the end of the season

Saudi Arabia's Public Investment Fund (PIF) confirmed it will end its funding for LIV Golf at the end of the 2026 season.

In a statement released on Thursday, the PIF said that the "substantial investment required is no longer consistent" with the fund's investment strategy moving forward.

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It comes as LIV Golf unveiled a new independent board of directors and confirmed it was trying to "secure long-term financial partners" to salvage the future of the organisation.

"This decision has been made in light of PIF's investment priorities and current macro dynamics," a statement from the PIF read.

"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."

Questions have arisen over what this could mean for other sports, noting the PIF's investments in football, boxing and snooker. However, the PIF said it was "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."

It is understood that LIV went over its plans for the future with the 13 team captains - including major winners Bryson DeChambeau and Jon Rahm - in a call on Tuesday.

Sky Sports News also understands that several players are exploring their options beyond LIV, with the DP World Tour confirming that multiple players have sounded out the series about reinstatement.

"It looks like it's the end of the road," said Sky Sports News' chief correspondent Kaveh Solhekol. "But as far as LIV is concerned, the show must go on.

"What this statement is saying is that they are transitioning to a new funding model. Up until now they have been reliant on the backing of the sovereign wealth fund of Saudi Arabia, PIF, but they are expected to announce that they will be pulling their funding at the end of this season and LIV are putting a brave face on."

Thursday's developments follow the high-profile departures of major champions Brooks Koepka and Patrick Reed at the start of the year, and the recent uncertainty over the league's future.

The PGA Tour told Sky Sports that it would not be giving an official comment on the situation.

LIV Golf appoints new board

In Thursday's statement, LIV Golf announced the appointments of Gene Davis and Jon Zinman, who will guide the league through its next phase, following the expected departure of Yasir Al-Rumayyan.

"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."

A LIV Golf spokesperson added that the league was committed to the team golf model and would be looking to open discussions with prospective global investors and partners as it seeks funding going forward.

"We are now leveraging this momentum to engage in constructive, forward-looking discussions with prospective global investors and partners who share our vision for an inclusive and modernised game," a spokesperson said.

"For our fans, players, and partners, our commitment to world-class golf remains unchanged as this process unfolds."

Futures of DeChambeau and Rahm in doubt

Sources with knowledge of LIV Golf business operations told Sky Sports News the company remains committed to a global tour, having seen over 200,000 fans attend events in Australia and South Africa this year, and the team golf model.

It is understood that this has been part of LIV Golf's long-term plans for a number of months, but has been accelerated in recent weeks. Sources also told Sky Sports News that LIV is open to incorporating new structures in its format.

However, the removal of funding casts doubt on the league's overall future and the ability to retain the services of stars like DeChambeau, Cam Smith and Rahm, although the former is said to be negotiating a new contract with the franchise. Reports have previously suggested DeChambeau could be seeking a new deal worth around $500m (£370.5m) to put pen to paper on a new LIV deal.

Players have been aware that 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."

"There's a lot of moving parts like in any business," DeChambeau said. "It's a startup, right? And so there's going to be times where we're squeezed and punched. This is one of those moments. But I'm going to do everything in my power to make it work and I really see the value in franchise golf."

LIV Golf announced the postponement of its June 25-28 event in Louisiana earlier this week. The league released a statement, explaining the decision was made to "avoid the peak summer heat and the crowded global sports calendar while ensuring the course is in the championship condition our fans and players expect".

The statement adds: "Our team is focused on maintaining the strong momentum of the 2026 season, and we look forward to sharing finalised dates in the near future."

LIV Golf offers $30m prize money at each of its events and has already spent $5 billion since its creation in 2022 - a figure that will reach $6 billion by the end of this year, according to Money in Sport - making a course to financial solvency challenging without serious new investment.

However, a LIV Golf spokesperson told Sky Sports last week that the league was on target to make $100m (£74.07m) through its first five events of the season. The spokesperson added that sponsorships and partnerships were up 40 per cent year-on-year, while ticket sales had also increased by 129 per cent.

The spokesperson also said that four LIV Golf events and 10 teams would be profitable in 2026, adding the league was "in the early stages of reviewing strategic options for team equity sales, aligning with the League's long-term strategic plan of diversifying stakeholders and separately capitalising teams".

Speaking on the future of LIV's top players, Sky Sports News chief correspondent Kaveh Solhekol said: "It depends if LIV carries on.

"If it carries on, it's likely that some of the players would play out their seven events before cancelling their contracts at the end of the season.

"We know that, back in February, Bryson DeChambeau turned down the opportunity to return to the PGA tour. However, Brooks Koepka took the opportunity and paid fines up to £63m.

"When it comes to sports investments, we have moved into a new phase. The investments have to make sense for Saudi Arabia. When it comes to boxing, the events they hold in Riyadh, that costs them a lot of money - but it boosts tourism.

"Having Cristiano Ronaldo - they pay him a fortune - but it's good for the image of the country. The eyes of the world are on Saudi Arabia if there's a Grand Prix there. Those things make business sense. They will continue to invest in things with a business incentive."

What next for LIV Golf?

LIV's next event is scheduled for May 7-10 in northern Virginia.

CEO Scott O'Neil, having guaranteed Saudi funds throughout the 2026 season, said in a memo to staff two weeks ago that the season would be uninterrupted and continue "full throttle."

Koepka, one of the league's biggest coups, announced that he had rejoined the PGA Tour in January. He had been granted a return through the PGA Tour's Returning Member Programme - a scheme that was only available for a limited period and to elite players, who had won a major championship or The Players Championship between 2022 and 2025.

The scheme was designed to target DeChambeau, Smith, Rahm and Koepka, but the latter was the only one to accept the deal.

Koepka's pathway back included some stipulations, including no access to equity grants for five years, a $5 million charity donation, and no bonus money this year.

PGA Tour CEO Brian Rolapp is now saying that the American circuit is thinking about establishing new pathways to reinstate LIV Golf players.

In an interview earlier this week with The Wall Street Journal, Rolapp said, "We're interested in having the best players who can help our tour. Not every player can do that."

"Rahm and DeChambeau are coming back out of necessity"

Speaking to NBC Sports The Golf Channel, columnist Eamon Lynch said:

"The fact that the PIF are formalising, or making official, what's been known out there for a couple of weeks, that even the Saudi Arabian Crown Prince is growing tired of the bad publicity and wants to say 'this is not my problem anymore - work this out yourselves'.

"Now you've got players who will have to be considering their options. The agents who led them into this mess are going to be counting their percentages. Vendors are going to wonder if commitments are going to be honoured.

"Spare a moment and think about all of those people for five years who have sat there and said that golf should welcome in the Saudis... to take the money... to extort itself to satisfy these people.

"It can't exist in the model that it has existed. LIV has been burning through $100m a month. Who is going to finance a Bryson DeChambeau contract right now?

"Any private equity company that looks at this enterprise - with no real revenue stream - is going to ask 'what am I buying here?'

"They would be doubling down on something which has been proven not to work when financed by the deepest pockets in sport.

"Is there even a powered-down version of LIV that functions? I'd argue there isn't.

"The sentiment that exists on the PGA Tour is not particularly welcoming of Rahm or DeChambeau.

"Neither of them are particularly popular on the tour for different reasons - particularly Rahm, who left after the framework agreement. Players resented the fact that he thought he could come back as a reuniting hero with his pockets full.

"Brooks Koepka got out of it in January of his own volition. He got out of contract, approached the PGA tour, said he wanted to come back.

"Rahm and DeChambeau are coming back out of necessity, not desire."

LIV Golf: The story so far

LIV Golf was launched in 2021 as LIV Golf Investments. Two-time Open champion, Greg Norman, spearheaded the league's launch as its CEO, with the Australian having previously touted the idea of a breakaway World Golf Tour in 1994 - a product that was largely rejected by PGA Tour members - before Norman joined LIV.

The establishment of the league sent shockwaves through the sport, with players on both sides of what would become golf's civil war, being embroiled in feuds as some players defected to join the breakaway league.

On March 16, 2022, LIV Investments announced its eight-event $255m invitational series, which began on June 9. The PGA Tour denied releases to players to feature in the event at Centurion Club in London, with DeChambeau and Koepka shocking the golf world in the week after, announcing they would be joining the new league.

The breakaway league fractured the men's professional game, with the DP World Tour and PGA Tour strengthening their strategic alliance as a result. The tours would offer bigger prize purses and restructure the golf calendar to prevent players from switching tours.

In 2023, the PGA Tour, DP World Tour, and LIV Golf again stunned the golf world by announcing they were merging. A Framework Agreement announced between the tours was established with the intention of uniting the men's professional game.

Negotiations around that were glacial, and no resolution has been reached, even after US President Donald hosted meetings with both parties to help facilitate the deal.

LIV Golf continued with its annual schedule alongside the PGA Tour and DP World Tour, but in 2024 it was announced that the PIF were looking for a new CEO to replace Greg Norman.

Enter O'Neil, who was appointed as the league's new CEO on January 15, 2025. O'Neil had previously worked as the CEO of Merlin Entertainments, a UK-based amusement park operator.

Later that month, LIV announced its first major TV deal with Fox Sports, and a year later, TNT Sports also joined up with the breakaway league.

LIV Golf was also awarded Official World Golf Rankings (OWGR) points earlier in 2026, with players winning LIV events able to climb the leaderboard in a bid to gain entry to the major championships.

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(c) Sky Sports 2026: LIV Golf: Saudi Arabia's PIF confirms it will end funding of rebel league at the end of the season