The Saudi PIF has officially confirmed that it is ending its investment in LIV Golf which has funded it with more than 5 billion rands since its launch in 2021.
The PIF funding will end at the end of the current LIV Golf season in August, leaving LIV Golf to find a new form of financing to support the future existence of the league from other investment sources.
The chairman of LIV Golf, Yasir Al-Rumayyan, has resigned from his position, and new board members were appointed as the club seeks to move forward without the support of PIF.
Al-Rumayyan remains governor of PIF, where he oversees a portfolio worth more than $925 billion, and continues to chair Saudi Aramco, Ma’aden, Newcastle United and Riyadh Air.
A statement issued by PIF on Thursday said: “PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season. The large investment required by LIV Golf in the long term is no longer compatible with the current phase of PIF’s investment strategy.
“This decision has been made considering the priorities of PIF’s investment and current strengths.
“LIV Golf has grown the game globally through its revolutionary and positive impact. It has forever changed the game of golf for the better.”
“The PIF remains committed to global disbursements in line with its investment strategies, including current and future major investments in multi-sport as a key sector.”
LIV Golf team captains and staff were briefed on the PIF plans on Wednesday by LIV Golf CEO Scott O’Neil ahead of Thursday’s official announcement.
Bryson DeChambeau, one of LIV Golf’s most valuable players, is out of contract at the end of the season, and the two-time winner is apparently looking for a new $500m deal. It is not known if players like Jon Rahm and Tyrrell Hatton have an opt-out clause, as they have two years left on their contracts.
Some LIV players are understood to have already contacted the PGA Tour and DP World Tour to see when and how they can return to the tournament and what penalties they may face.
As a result of Al-Rumayyan’s departure from the board, LIV Golf has announced the appointment of two new members of the Independent Board of Directors tasked with finding long-term financial partners to support LIV Golf’s transition from a so-called ‘foundation launch stage’ to a ‘diversified, multi-partner investment model’.
In a statement released by LIV Golf, Gene Davis and Jon Zinman, described as ‘professional professionals with a proven track record of navigating complex situations and opening a number of international organizations’, have been appointed to lead the board and guide the league into its next phase.
Davis currently serves as chairman and CEO of Pirinate, a private equity firm specializing in change management, mergers and acquisitions and corporate restructuring, while Zinman is the founder and managing member of JZ Advisors, an independent business advisory firm based in New York.
“LIV Golf has built something truly unique – a global league with passionate fans, world-class talent, and demonstrated commercial momentum,” said Davis. “The senior 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 develop the game globally. We look forward to positioning LIV Golf for future success.”
LIV Golf’s next event will be at Trump National in Washington from May 7-10, followed by stops in South Korea and Spain. On Tuesday, the league postponed its first New Orleans event, scheduled for June 25-28 at Bayou Oaks in City Park, after LIV Golf CEO Scott O’Neil informed Louisiana state officials that LIV intends to postpone the event amid what the state described as a changing business model.
