The Saudi Arabia Public Investment Fund said Thursday morning it will no longer fund LIV Golf beyond the 2026 season, providing official confirmation following LIV Golf’s announcement hours earlier that it’s focusing on securing long-term financial partners for its future.
LIV Golf’s announcement Thursday did not mention the PIF pulling its funding, although it confirms what’s been rumored for weeks regarding the change in the Saudi PIF’s future investment strategy. The Wall Street Journal reported Wednesday that LIV informed players and staff of the PIF’s future departure this week; GOLF.com later confirmed the news.
On Wednesday, the Sports Business Journal reported PIF governor Yasir Al-Rumayyan stepped down from his position as chairman of LIV’s board. In the press release on Thursday, LIV Golf announced new board members as it transitions from “a foundational launch phase to a diversified, multi-partner investment model.” Al-Rumayyan was not mentioned.
The PIF statement was more blunt than the one released by LIV.
“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,” it read. “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 continued. “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.”
The latest development at LIV Golf comes two weeks after reports first surfaced of the league’s uncertain future. It was also during that time the PIF released the next phase of its strategy through 2030, in which there was no mention of LIV Golf, which the Saudi PIF had invested over $5 billion into since the league was announced in 2021.