It's official - Saudis pull plug on LIV Golf funding at end of 2026 season

The official announcement on Thursday afternoon came after LIV Golf had appointed two new board members and issued a bullish statement about the circuit’s future.

It was first reported a fortnight ago that the PIF, which has bankrolled the circuit to the tune of $5bn (£3.8bn) over the past five years, had decided to pull the plug on LIV Golf.

No mention was made of either PIF or its chairman, Yasir Al-Rumayyan, in an official statement released by LIV Golf at lunchtime on Thursday, which seemed very strange indeed.

Around four hours later, though, the worst-kept secret in golf was confirmed as the Saudis announced that they will not be funding the circuit beyond the current campaign.

A statement read: “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.

‘LIV Golf has grown the game globally’

“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.”

It now remains to be seen what the future beyond this season will entail for the likes of Jon Rahm, Bryson DeChambeau, Cameron Smith and Dustin Johnson, some of the star players on the LIV league.

Brooks Koepka, another of the big guns signed by LIV Golf for a huge sum of money, is back playing on the PGA Tour through a Returning Member Programme, but the same terms were turned down by Rahm, DeChambeau and Smith.

Patrick Reed will also be back playing on the US circuit later in the year after he left the breakaway circuit as well earlier this year, but some big calls will need to be made if LIV Golf folds as a result of the Saudis no longer being behind it.

On Wednesday night, it was reported by the Sport Business Journal that Al-Rumayyan had stepped down from his position as chairman of the LIV Golf board.

No reference was made to him in Thursday’s official announcement, which, instead, focused on the appointment of two new board members and revealed a strategy aimed at securing “long-term financial partners” to support a transition from a “foundational launch phase to a diversified, multi-partner investment model”.

Gene Davis, chairman and CEO of Pirinate Consulting Group, a consulting firm, and Jon Zinman, the founder and managing member of JZ Advisors, an independent strategic advisory firm, have effectively been handed the task of keeping LIV Golf afloat beyond the end of the current season.

According to LIV, they will be using “proven track records” to guide the league “though its next phase” as the PIF funding, though not yet officially confirmed, comes to an end.

“LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum,” said Davis, who has been appointed as chairman of an Independent Directors Committee.

“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."

Al-Rumayyan, a keen golfer, founded LIV Golf alongside Greg Norman nearly five years ago and has been one of the circuit’s main driving forces.

LIV players facing a long summer break

He was heavily involved in a Framework Agreement being struck between LIV Golf, PGA Tour and DP World Tour in 2023 and accompanied PGA Tour CEO Jay Monahan, Tiger Woods and Adam Scott to a meeting at the White House with Donald Trump early last year.

Al-Rumayyan, who has played in the Alfred Dunhill Links Championship on Scottish soil, has been chairman of PIF since 2015. He also is chairman of Newcastle United.

An event planned for New Orleans is not going ahead as scheduled next month, meaning LIV players are facing a lengthy break in between a tournament at Valderrama in Spain in early June and one at JCB Golf & Country Club in England towards the end of July.