LIV targets new investors after loss of Saudi backing

LIV Golf moved quickly to establish a new direction after confirmation that ⁠Saudi backing for the rebel circuit is set to end, announcing a new board and the search for new long-term financial partners.

It had been reported earlier this week that Saudi Arabia's Public Investment Fund (PIF) would be cutting funding, which has totalled more than $1bn a year since 2022, at the close of the league's 2026 season.

Without any mention of PIF, LIV on Thursday announced a "transition from a foundational launch phase to a diversified, multi-partner investment model" and a new independent board led by seasoned business consultants Gene Davis and ‌Jon Zinman.

A PIF spokesperson later 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.

"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 turned the golf ‌world upside down in late 2021 when, armed with PIF's billions, it enticed some of the game's biggest names to defect from the long-established PGA ⁠Tour.

Major winners Bryson DeChambeau, Jon Rahm, Phil Mickelson, Dustin Johnson, Brooks Koepka and Patrick Reed ‌were all recruited to play team golf around the world for millions of dollars ⁠in prize ‌money.

Graeme McDowell and Tom McKibbin also joined the breakaway league.

The league will now need to convince its big-name players, who are on highly lucrative contracts, of LIV's long-term viability without the Saudi backing.

Some players have already decided to return to the PGA Tour.

Five-times major winner Koepka rejoined as part ⁠of a limited Returning Member Program this year and former Masters champion Reed plans to reinstate his membership ⁠for the 2027 season.

LIV said the league had posted a 100% increase in revenue year-on-year this season and was convinced the team golf model would be highly attractive to investors.