Saudi Arabia’s PIF Stops Funding LIV Golf, Casting Doubt on Breakaway Series

Saudi Arabia’s Public Investment Fund (PIF) is stopping its funding of LIV Golf at the end of the season, a move that has plunged the breakaway series into doubt and raised questions about the kingdom’s wider sporting investments.

“- Published The decision by Saudi Arabia's sovereign wealth fund to stop bankrolling LIV Golf at the end of the season has plunged the future of the breakaway series into doubt”

BBC

The BBC frames the decision as part of a broader cooling of Saudi Arabia’s sports revolution, noting that PIF’s withdrawal “has plunged the future of the breakaway series into doubt.”

BBC

In the BBC’s account, PIF sought to reassure investors by stating, “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 New York Times describes the pullback as the latest casualty of Saudi Arabia’s “big-spending era,” saying the kingdom is “pulling back from a costly and high-profile golf venture amid mounting financial concerns.”

The Times ties the shift to financial reality, stating that “the global ambitions of Crown Prince Mohammed bin Salman have clashed with financial reality,” with the state facing “mounting expenses and lower oil revenue.”

Both outlets connect the decision to the kingdom’s broader economic strategy, with the Times saying the earlier push aimed to diversify “from its heavy reliance on oil exports” and remake the kingdom’s image.

The BBC adds that Saudi Arabia will host the men’s Fifa World Cup in 2034, making the LIV decision part of a portfolio question over what happens to other sports spending as the World Cup approaches.

The BBC links Saudi Arabia’s sports spending shift to a financial squeeze, describing “a shift” in the kingdom’s attitude toward investments and quoting a briefing that “everything in the PIF world under serious review.”

It says the change came after “a major budget deficit of $73bn last year, driven by increased spending and lower oil revenues.”

Goal

The BBC also connects the sports portfolio changes to disruptions in energy markets, stating that “The US-Israeli war with Iran has caused disruption to Saudi Arabia's oil exports, and is likely to lead to increased spending on defence.”

In that same account, the BBC says PIF later confirmed a new emphasis on “sustained value creation…and maximizing long-term returns,” and that the statement “made no mention of sport,” fueling the sense that interest was waning.

The BBC points to multiple examples of sports investments being scaled back, including that the 2029 Asian Winter Games in Saudi Arabia was “postponed indefinitely,” and that “the end of season WTA Finals in women's tennis would be leaving Saudi Arabia after a three-year hosting deal was not extended.”

It also says PIF confirmed the LIV decision by citing “The substantial investment required…is no longer consistent with the current phase of PIF's investment strategy,” and that “This decision has been made in light of PIF's investment priorities and current macro dynamics.”

The New York Times similarly frames the pullback as part of a broader pattern, saying “Several major projects have recently been scaled back, mothballed or scrapped,” and that some ideas were “quietly scaled back, revised or put on hiatus” after officials decided they were “not commercially viable when the government faces financial strains.”

While the BBC focuses on finance and strategy, it also situates Saudi Arabia’s sports push within a broader controversy over reputation and human rights.

“As July draws to a close, that means clubs have one month left to strengthen or slim down for the 2025-2026 season”

L'Équipe

The BBC says critics of Saudi Arabia’s human rights record accused the kingdom of “sportswashing” its reputation, and it points to the “2018 killing of Jamal Khashoggi, a US-based Saudi journalist who was a prominent critic of the government.”

It also notes that Saudi Arabia “has also faced scrutiny over its use of the death penalty,” placing the LIV pullback in a context where sports investment has been treated as a reputational tool.

The BBC’s account also describes how Saudi Arabia’s sports spending extended beyond golf, saying it “ploughed tens of billions of pounds over the past decade” into hosting major events including “high-profile boxing fights and Formula 1 races, to tennis and horse racing.”

In parallel, the BBC says the kingdom’s sports ambitions included luring stars such as “Cristiano Ronaldo” to its revamped domestic football league and buying “a majority stake in Premier League club Newcastle United.”

The BBC then ties the LIV decision to the kingdom’s stated economic goals, saying the sports push was designed “to modernise and to diversify its economy by boosting tourism as part of the Crown Prince's Vision 2030 strategy.”

The New York Times similarly describes the earlier sports and entertainment push as part of Crown Prince Mohammed bin Salman’s vision, saying it called for “futuristic new cities, vacation hubs and theme parks built across the arid kingdom.”

The BBC provides the most direct language from PIF about why it is ending LIV funding, quoting the statement that “The substantial investment required…is no longer consistent with the current phase of PIF's investment strategy.”

It adds that “This decision has been made in light of PIF's investment priorities and current macro dynamics,” and it frames the decision as a consequence of the kingdom’s changing priorities.

New York Times

The BBC also describes how the LIV launch in 2022 was designed to disrupt golf’s traditional structures, and it says LIV “tore apart the sport’s traditional structures by luring some of the games biggest names with the biggest checks in the sport’s history.”

In the New York Times account, LIV also “pulled in — and remunerated — figures like President Trump and led to costlylegal battlesandcongressional hearings,” emphasizing the political and legal fallout that came with the Saudi-backed breakaway.

The BBC’s narrative then connects the LIV decision to the timeline of the 2034 World Cup, quoting Dr Johan Rewilak of Loughborough University saying, “With the 2034 World Cup approaching, Saudi Arabia faces enormous infrastructure and delivery costs.”

The BBC then adds Rewilak’s assessment that “It is plausible that the government is reallocating capital and reassessing its wider sports portfolio,” and it says “Geopolitical tensions and rising construction costs may also be accelerating these decisions.”

The New York Times complements this by describing how PIF’s most recent strategy for the next five years omitted “Big-time sports” from its priorities, saying “its main focus was domestic investment” and that “Big-time sports was notably omitted from its list of priorities.”

Beyond golf, the BBC describes a pattern of portfolio reshuffling that includes selling and cancelling sports-related assets, reinforcing the idea that Saudi Arabia’s sports spending is being restructured.

“War in theMiddle East Advertisement Supported by The kingdom is pulling back from a costly and high-profile golf venture amid mounting financial concerns, raising questions about its plans”

The New York Times

It says “Soon after, PIF announced it had sold Saudi Pro League club Al-Hilal,” and it reports that “The Saudi Arabia Snooker Masters was cancelled, just two years into a 10-year deal,” while also stating that the country “reportedly abandoned plans to bid to host the 2035 rugby union World Cup.”

The New York Times

The BBC also notes that “Up until recently, no such reassurance would have been required,” because Saudi Arabia’s earlier spending had been portrayed as a future of the game, but now PIF’s statement is meant to signal continuity in sport even as it ends LIV.

The New York Times frames the same shift as a broader scaling back of projects, saying “Several major projects have recently been scaled back, mothballed or scrapped,” and that the kingdom’s ambitious ventures were “quietly scaled back, revised or put on hiatus after officials decided that they were not commercially viable when the government faces financial strains.”

The BBC’s discussion of LIV’s losses and the World Cup’s infrastructure needs suggests what comes next for Saudi sports strategy, with the BBC quoting Rewilak that it is “plausible” the government is reallocating capital toward “security and essential infrastructure rather than prestige sports assets.”

In the New York Times, the LIV decision is described as the latest casualty after PIF announced it would cease funding at the end of the year, with the Times saying the effort “had, when it started just four years ago, threatened to upend global golf.”

The BBC’s final framing emphasizes that PIF’s statement was designed to make clear that “despite abandoning a tour it had long portrayed as the future of the game, Saudi Arabia was still committed to the world of sport.”