Saudi Arabia's Public Investment Fund will cease financing the golf league at year's end, leaving its future uncertain after four years of operation.
11:03 PM
Saudi Arabia's Public Investment Fund will end funding of the LIV Golf league after the 2026 season, two people familiar with the matter told CNBC on Wednesday. The decision leaves the controversial golf venture in limbo as it searches for alternative financing sources.
LIV Golf executives are poised to confirm the funding cessation to players, according to reports. Without an alternative funding source from 2027 onwards, the league faces potential closure in its current form just four years after staging its first tournament in 2022.
The announcement comes after LIV Golf postponed a scheduled tournament in New Orleans that was set for late June. Louisiana Governor Jeff Landry and the state's Office of Economic Development notified LIV Golf CEO Scott O'Neil on Friday of the postponement request, citing a desire to "explore the possibility of organizing it in the fall of this year." LIV Golf subsequently removed the tournament date from its website without providing an official explanation.
The league, founded in 2021, was positioned as a rival to the PGA Tour and attracted high-profile athletes including Jon Rahm. In 2023, LIV Golf agreed to merge with the PGA Tour, though that deal has yet to be completed.
A committee of independent directors will evaluate strategic alternatives for the league following the Public Investment Fund's withdrawal of support, according to the people familiar with the matter. The funding decision by Saudi Arabia's sovereign wealth fund marks a significant development in the ongoing disruption of professional golf that began with LIV's launch.
Leading players on the tour are expected to explore returning to traditional golf circuits as the funding timeline becomes clear. The Public Investment Fund has invested approximately $6 billion in the LIV Golf venture since its inception.
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