LIV Golf seeks new investors after Saudi Arabia cuts off funding

LIV Golf has lost the support of its Saudi funders, confirming the golf world’s long-awaited speculation that the league is kaput.

Saudi Arabia’s Public Investment Fund will not provide any money after this season, which includes seven remaining events on the 2026 LIV Golf schedule, cutting off its billion-dollar bankroll, it said Thursday.

The sovereign wealth fund, worth approximately $1 trillion, said that the “substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy,” adding that the 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,” its statement continued. “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.”

A guess that PIF would be cutting ties with the golf league was no shot in the dark. After PIF laid out its new five-year investment strategy, it did not include LIV Golf.

The war in Iran also added geopolitical complexity to the league’s fortunes. The Saudi Arabian government has been dealing with economic fallout from the war, which rattled oil markets. Saudi energy infrastructure has been targeted by Iranian attacks, and the closure of the Strait of Hormuz has had a dramatic effect on oil movement and price.

Before PIF announced it would be pulling the plug on LIV Golf, the league announced it would be focused on “securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model,” it said in a statement. Its new independent board will be led by investment bankers Gene Davis and Jon Zinman, who have “proven track records of navigating complex situations and unlocking value for global organizations, to guide the league through its next phase.”

The PIF has invested more than $5 billion into LIV Golf since its first tournament four years ago, but it has yet to see a return on investment.

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LIV Golf reported “record-breaking engagement” and a 100% year-over-year revenue increase during the 2026 season, with 10 of its 13 teams and four events expected to be profitable as it transitions to a multi-partner investment model.

“Our conviction in the team golf model has never been stronger,” the league said in a statement. “We have built a differentiated platform that is global by design, commercially vibrant, and structured to unlock untapped value across the sport.”

“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,” it said in a statement.

• Mary McCue Bell can be reached at mbell@washingtontimes.com.