Two weeks ago, LIV Golf did its best to conceal the fact that the Saudi Public Investment Fund would cease to bankroll the league after the current season, only to have LIV CEO Scott O’Neill let the truth slip during a television interview.
This week, the intentions of PIF and consequences to LIV are known by all.
LIV Golf announced Thursday that it has established a new independent board that will attempt to keep the league afloat utilizing a “diversified, multi-partner investment model.” In other words, a model that doesn’t include PIF.
PIF Governor Yasir Al-Rumayyan no longer will serve as LIV Golf chairman, another unmistakable signal that the Saudi sovereign wealth fund worth an estimated $1 trillion is cutting ties with financially troubled LIV.
LIV Golf was supposed to be a key component in Saudi Crown Prince Mohammed bin Salman’s “Vision 2030” plan to diversify the kingdom’s economy away from oil. PIV lured megastar golfers Phil Mickelson, Jon Rahm, Bryson DeChambeau, Dustin Johnson and others away from the PGA Tour by shoveling hundreds of millions of dollars into their bank accounts.
Al-Rumayyan, Prince bin Salman’s trusted technocrat, was charged with implementing the plan, but LIV Golf has failed to attract significant viewership or commercial sponsors despite innovations such as a 54-hole format and a team model.
When LIV and the PGA Tour came to a short-lived, tentative agreement to end pending litigation and potentially join forces in 2023, Al-Rumayyan was a key figure in the negotiations.
A last-ditch effort to broker a merger between the rival leagues took place in the White House in February 2025 when President Trump hosted Al-Rumayyan, PGA Tour commissioner Jay Monahan and Tiger Woods. No agreement was reached.
Now, apparently, PIF will attempt to turn its attention to initiatives that don’t bleed billions. The fund has invested more than $5 billion into LIV Golf since it was launched in 2022 and is reportedly spending $100 million per month this year.
The wealthy but suddenly unmoored LIV golfers have been left to scramble like a weekend hacker trying to salvage a bogey after chipping into a sand trap.
LIV Golf Louisiana announced that the tournament scheduled for June 25-28 in New Orleans has been postponed. A new date hasn’t been set. However, an official told ESPN on Thursday that next week’s tournament at Trump National Golf Club outside Washington, D.C., will take place as planned.
Six other tournaments remain on the schedule that concludes with LIV team championships on Aug. 27-30 at The Cardinal at Saint John’s in Michigan. Tournaments outside the United States are scheduled for South Korea, Spain and Great Britain.
Hired Thursday to come up with a financial model to keep LIV afloat sans PIF are Gene Davis and Jon Zinman, described in a LIV statement as “seasoned experts with proven track records of navigating complex situations and unlocking value for global organizations.” LIV Golf’s contorted spin on acknowledging that PIF will no longer subsidize the league was a statement saying it will focus on ”securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model.”
Davis, the newly appointed chairman of the LIV Independent Directors Committee, sees opportunity in the face of a PIF-less future.
“LIV Golf has built something truly differentiated — a global league with passionate fans, world-class talent, and demonstrated commercial momentum,” he said in a statement. “The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalize its structure, attract and secure long-term capital, and position the business for growth while continuing to promote the game across the world.
“ We look forward to positioning LIV Golf for future success.”
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