The Saudi PIF has confirmed that it is ending its investment in LIV Golf which it has funded to the tune of over $5 billion since its launch in 2021.
The Saudi PIF funding will end at the conclusion of the current LIV Golf season, which is due to end in August. LIV Golf plans to release a new financial strategy and is currently engaging with prospective investors.
LIV Golf chairman Yasir Al-Rumayyan is understood to have stepped down from his role, and new board members have been appointed as the league seeks to move forward.
A statement released by the PIF on Thursday said: “PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season. 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 Golf team captains and staff were told about the announcement on Wednesday by chief executive Scott O’Neil before the official public announcement on Thursday.
Yasir 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.
Bryson DeChambeau, one of LIV Golf’s most highly prized signings, will be out of contract at the end of season, with the two-time major winner apparently looking for a new $500m deal. It is unknown if the likes of Jon Rahm and Tyrrell Hatton have an exit clause, as their contracts have two more years to go. Some LIV players are understood to have already been in contact with the PGA Tour and the DP World Tour to see when and how they could return to competitive action and what penalties they might incur.
NEW BOARD APPOINTMENTS
In light of Al-Rumayyan’s departure and the ending of the PIF funding, LIV Golf has announced the appointment of two new members to an Independent Directors Committee which has been tasked with securing long-term financial partners to support LIV Golf’s transition from what is calls ‘a foundational launch phase’ to a ‘diversified, multi-partner investment model’.
In a statement issued by LIV Golf, Gene Davis and Jon Zinman, which it described as ‘seasoned experts with proven track records of navigating complex situations and unlocking value for global organizations’, have been appointed to lead the board and guide the league through its next phase.
“Working in lockstep with management, Mr Davis and Mr Zinman are focused on institutionalizing the league and evaluating the range of strategic opportunities that have emerged with the league’s rise”, the statement continued.
Mr Davis is currently serving as the chairman and CEO of Pirinate, a privately-owned consulting firm specialising in turnaround management, mergers and acquisitions and corporate restructuring, while Mr Zinman is the founder and managing member of JZ Advisors, a New York-based independent strategic businsess advisory firm.
“LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum,” said Davis. “The executive 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 promote the game across the world. We look forward to positioning LIV Golf for future success.”
The next LIV Golf event is being held at Trump National in Washington from May 7-10, followed by stops in South Korea and Spain. On Tuesday, however, the league postponed its inaugural New Orleans event, originally scheduled for June 25-28 at Bayou Oaks at City Park, after LIV Golf CEO Scott O’Neil informed Louisiana state officials that LIV intended to postpone the event amid what the state described as a changing business model.