The future of LIV Golf has been thrown in doubt after a report that Saudi Arabia‘s Public Investment Fund (PIF) will stop financing the tour.
According to the BBC, the multi-billion dollar backing will be withdrawn at the end of current season, potentially posing issues for the likes of Fox Sports, which broadcasts and streams it in U.S., and TNT Sports in Europe.
PIF will announce a “new strategic” plan in a bid to find new financiers for the golf tour, which features the likes of Jon Rahm, Phil Mickelson and Bryson DeChambeau. BBC Sport was told the series is “totally up for sale,” while separate reports suggest LIV Golf co-founder Yasir Al-Rumayyan is set to stop down from the board. New board members are being sought.
LIV Golf has postponed its New Orleans event in June, though tournaments are planned for South Korea, Spain and the UK before the tour goes to Trump Bedminster in New Jersey.
BBC Sport also reported that LIV Golf’s officials have accepted they will have to significant scale back from the current 14 events, even if they find new financiers and despite the website’s sources suggested the tour is set to earn $100M more this season than last.
PIF has bankrolled LIV Golf to the tune of more than $5B since it was launched in 2021, since when it was lost around $1.1B outside of the U.S. The tour was establish amid controversy when it broke away from the PGA Tour and poached several big-name players on huge contracts.
The news comes as Saudi Arabia has suddenly begun pulling back from sports investments. For many years, the country used its wealth to finance and host boxing, wrestling, golf and other sporting events. There are question around PIF’s commitment to owning Premier League football team Newcastle United, while it is offloading most of its stake in Saudi team Al-Hilal to Kingdom Holding Company.
Saudi Arabian leader Prince Mohammed bin Salman, known as MBS, earlier this month approved a new financial strategy that appears to focus on internal investments and to be a more tightly managed than previously.
“PIF will continue to support Saudi Vision 2030 objectives by delivering competitive domestic ecosystems, investing in national champions that have the potential to scale globally, and forming global economic partnerships, building on what has been achieved under PIF’s 2021-2025 strategy,” said PIF governor Al-Rumayyan in a statement.
We’ve reached out to PIF for comment. It is expected there will be a statement on the future of LIV Golf later today, and we’ll update this story when that comes through.
