The question hanging over LIV Golf since its inception in 2022 was not if the money would run out, but when. Earlier last month, Saudi Arabia’s Public Investment Fund (PIF) confirmed that funding for the breakaway golf tour will end at the end of the 2026 season. After pouring in billions, the PIF concluded that the level of investment required “is no longer compatible with the current phase of the PIF’s investment strategy.”
Scale of the Problem
The numbers tell the story. LIV’s non-US operations alone reported losses of close to $600m by 2024. By the end of the current season, Saudi investment will exceed $6bn, compared to revenues that remain a fraction of what would be needed to sustain the league independently. Online sports betting sites and international broadcasters have long been considered the most logical sources of commercial income for LIV. However, work continues to lag behind the PGA Tour, despite existing deals with Fox, TNT Sports and DAZN.
Rapid Fall
The fallout appeared quickly. PIF governor Yasir Al-Rumayyan, one of the founders of LIV, stepped down from the board within days of the announcement. Greg Norman, the founding CEO, was replaced by Scott O’Neil in January 2025 and officially left the organization in September of that year. Now O’Neil faces the unenviable task of finding investors to support a golf tour that has never turned a profitable profit. The June event in New Orleans has been quietly canceled, leaving just seven events on the 2026 calendar.
The Players are leaving
On the sports side, the cracks are widening. Brooks Koepka is back on the PGA Tour. Patrick Reed followed him, although he used the DP World Tour. Bryson DeChambeau’s contract with LIV expires at the end of the season. Jon Rahm is signed through 2027, but with the future uncertain, he and the tour’s other big names could be gone very quickly. PGA Tour CEO Brian Rolapp made it clear that potential returnees should not expect an easy way back, noting that Koepka’s reinstatement under the Returning Member Program was just one provision. The door to a negotiation agreement between the two tourists currently appears to be closed.
Signs of Life
It’s not all dark. LIV was finally awarded the Official World Golf Rankings points in 2026, a long-sought guarantee that allows players to move up the ranks and compete in major tournaments. Events have been expanded to 72-hole formats to bring the product closer to regular golf. Revenue is currently tracking $100m by 2025 annually, too. These things are nothing. But they are also not enough to cover the loss of a wealth fund willing to write blank checks.
Can It Survive?
Possibly, but certainly not in its current form. LIV needs to find foreign investors immediately. It also requires a very simple plan and an honest answer to the question of where its best players will be playing this time next year. The commercial foundations are much stronger than two years ago, but without the Saudi safety net, all considerations about the league’s future must now be rebuilt from scratch. LIV Golf is committed to changing the sport. But now it is in critical condition and may not get a chance to finish what it started.
