Saudi Arabia’s PIF Ends Funding for LIV Golf After 2026 Season

Saudi Arabia’s Public Investment Fund (PIF) will end its funding of LIV Golf after the 2026 season, plunging the breakaway tour’s future into doubt, according to multiple outlets.

The BBC reports that PIF will withdraw its “multi-billion dollar backing” at the end of the season and that the tour announced a “strategic evolution” including a newly established independent board led by Gene Davis and Jon Zinman.

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The BBC also says it was told that Yasir Al-Rumayyan, the governor of PIF and a co-founder of LIV in 2021, “has stepped down from the board,” and that PIF released a statement on Thursday explaining the decision.

In that statement, PIF said the “substantial investment” required by LIV over a longer term is “no longer consistent with the current phase of PIF’s investment strategy,” while adding that it “remains committed to deploying capital internationally in line with its investment strategy.”

CBS Sports similarly says PIF informed LIV Golf that it is withdrawing its funding “at the conclusion of the 2026 season,” and quotes PIF’s announcement that “PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season.”

CNBC adds that two people familiar with the matter told the outlet that PIF will end funding after 2026, leaving the venture “in limbo,” and says LIV will announce details of its strategic path forward on Thursday.

Together, the reporting frames a clear timeline: LIV’s funding horizon ends with the 2026 season, and the league must secure new backers to continue beyond that point.

As PIF’s funding ends after 2026, LIV Golf has moved to restructure its governance and describe a transition to a new investment model.

The BBC says LIV announced a “strategic evolution” on Thursday, including a newly established independent board led by Gene Davis and Jon Zinman, and it reports that PIF’s governor Yasir Al-Rumayyan stepped down from the board.

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The Guardian likewise says LIV announced a “transition from a foundational launch phase to a diversified, multi-partner investment model” and created a new independent board led by Gene Davis and Jon Zinman, with Davis describing the league as “a global league with passionate fans, world-class talent, and demonstrated commercial momentum.”

Deadline reports that LIV confirmed it is seeking “secure long-term financial partners” as part of a major restructure, and it says the new board members are Gene Davis and Jon Zinman, while Yasir Al-Rumayyan is set to step down.

Golf Channel adds that LIV announced Thursday it was establishing an independent board as it attempts to secure other long-term investors and continue to play beyond this year, and it notes that Sports Business Journal reported Al-Rumayyan would step down.

Sky Sports reports that LIV went over its plans for the future with 13 team captains including Bryson DeChambeau and Jon Rahm in a call on Tuesday, and it says the league is trying to “secure long-term financial partners” to salvage the future.

Multiple outlets also connect the restructure to PIF’s stated rationale, with PIF saying the “substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy.”

In parallel, CNBC reports that a committee of independent directors will evaluate strategic alternatives for the league after PIF pulls its funding, and it adds that LIV is engaging with prospective global investors.

The funding cut is occurring against a backdrop of large reported investment, ongoing losses, and looming contract questions for major players.

The BBC says the project “has been bankrolled by an eye-watering amount of money from PIF,” with the overall investment surpassing $5bn (£3.8bn) when fresh capital of $267m (£229m) was injected this year.

It also reports that the tour’s net losses in markets outside the US increased to $462m (£340m) in 2024, meaning it had lost more than $1.1bn (£810m) since it was established in 2021, and it adds that “overall losses look likely to run to several billion dollars.”

CNBC says LIV’s non-U.S. operations reported losing nearly $600 million in 2024, and it reports that LIV is on pace to earn $100 million more in year-over-year revenue during the 2026 season than the previous season.

Forbes, citing The Wall Street Journal, says LIV intends to tell staff and players on Thursday that the league will lose funding after the conclusion of this season and that maintaining its current form would be “nearly impossible,” as the league has incurred mounting losses.

CNBC also emphasizes that LIV will need to find investors who believe there’s a future beyond this season when two of LIV’s biggest stars—Bryson DeChambeau and Jon Rahm—have contracts close to expiring, with DeChambeau’s deal running out at the end of this season and Rahm signed through 2027.

The BBC adds that it is “almost certain” the series will have to be “significantly scaled back,” with far fewer than the current 14 events, and it says team captains and staff have been told of LIV’s plan to find new funding.

In the same reporting stream, the BBC notes that LIV postponed its June event in New Orleans, meaning it will not have any tournaments in the US between 10 May until 6 August, when it goes to Trump Bedminster in New Jersey, while tournaments are due in South Korea, Spain and Britain during this period.

With LIV’s funding horizon ending after 2026, the question of whether players can return to the PGA Tour has become more prominent in the reporting.

The BBC says that amid reports that some LIV golfers have approached the PGA Tour and DP World Tour to explore possible returns, “it remains unclear if the series' potential demise would see such a path reopened, and what terms might be issued.”

BBC

It also provides a specific example from February, saying Rahm, Smith and DeChambeau turned down a one-time opportunity to apply for reinstatement to the PGA Tour under its 'Returning Member Programme,' which was facilitated for those who had won a major—or The Players Championship—since 2022.

The BBC adds that five-time major winner Koepka was the only player to take up the offer and smoothed his return by paying fines said to be worth about £63m.

The Guardian similarly says certain players are likely to explore the possibility of returning to the US-based PGA Tour, which has been shown to be possible with penalties, and it again cites Koepka’s “about £63m” fines for reinstatement.

Sky Sports reports that DP World Tour confirmed that multiple players have sounded out the series about reinstatement, and it says the PGA Tour told Sky Sports it would not be giving an official comment on the situation.

Forbes, citing The Wall Street Journal, says the financial arrangements for a return could weigh heavily on players’ wallets, and it notes that Brooks Koepka was required to forfeit bonuses and equity when he returned from LIV last year, in addition to making millions in charitable donations.

The reporting also ties the return question to the broader LIV-PGA relationship, with CNBC saying in 2023 LIV agreed to merge with the PGA Tour, but that deal has yet to come to fruition.

As LIV moves into a post-PIF funding search, the reporting describes immediate operational steps, ongoing uncertainty, and the stakes for broadcasters, players, and the league’s structure.

The BBC says LIV remains hopeful of remaining an international tour with a team model and that it is in “constructive” talks with potential investors, while also reporting that sources say executives are exploring opportunities to “reposition” the business.

CBS Sports

It adds that the series is said to be “totally up for sale,” and that sources accept it is almost certain the series will have to be “significantly scaled back,” with far fewer than the current 14 events.

CNBC says LIV is currently engaging with prospective global investors and that LIV declined to comment, while also reporting that LIV will announce details of its strategic path forward on Thursday.

Deadline reports that the future of LIV Golf has been thrown in doubt after a report that PIF will stop financing the tour, and it says BBC Sport reported that LIV’s officials have accepted they will have to significantly scale back from the current 14 events.

Sky Sports adds that LIV went over its plans with 13 team captains and that players are exploring their options amid the withdrawal of Saudi funding, while also quoting Sky Sports News’ chief correspondent Kaveh Solhekol saying, “It looks like it's the end of the road.”

The Guardian frames the timing as a race against time, saying LIV launched its search for fresh investment “after official confirmation Saudi funding would cease at the end of the 2026 season,” and it notes that PIF’s statement formally substantiated the decision.

Even as the league seeks new partners, the BBC reports that LIV postponed its June event in New Orleans and that it will not have any tournaments in the US between 10 May until 6 August, when it goes to Trump Bedminster in New Jersey.