Saudi Arabia’s Public Investment Fund (PIF) has reportedly sunk an estimated $5bn into a league now in its fifth season, yet it has continuously struggled to compete with the PGA TOUR. The breakaway tour has lost more than $1.1bn since its establishment in 2021 and viewership numbers reach only 300,000 on Fox Sports compared to 2 million for typical PGA TOUR events.
Amid this backdrop, PIF has confirmed it will be withdrawing support from next season onwards, drying up LIV Golf’s funding. As a result, and alongside the announcement from LIV Golf regarding new board appointments, questions arise around the future of the league without such significant backing and its high-profile players like Jon Rahm, Bryson DeChambeau, and Cameron Smith.
PIF to Withdraw Support
Weeks of speculation first emerged when The Financial Times reported that Saudi Arabia’s Public Investment Fund stood on the verge of cutting financial support for LIV Golf. The Wall Street Journal added the league was facing imminent closure with an additional report from the WSJ claiming the circuit was preparing to inform its players and staff of the news.
Eventually, a PIF spokesperson confirmed the move on April 30.
“PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season.
“The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy.
“This decision has been made in light of PIF’s investment priorities and current macro dynamics.
“LIV Golf has substantially grown the game globally through its transformational and positive impact. It has forever changed the game of golf for the better.”
The announcement did not mention governor of PIF and co-founder of LIV Golf Yasir Al-Rumayyan who is believed to be stepping down from his position on the board.
Al-Rumayyan, who has been one of the most influential figures involved in LIV Golf, co-founded the circuit alongside former LIV Golf CEO and two-time major winner Greg Norman, who departed in 2025 and was replaced by Scott O’Neil.
Financial pressures mounting against the tour seem to have proved substantial. LIV Golf’s UK branch alone lost $590.10m in 2024 while total losses since launch crossed $1bn. PIF has injected more than $5bn into the venture, with cumulative investment reaching $5.30bn since 2021. Monthly net spending averaged $100m in 2024 and 2025.
PIF recently announced a new five-year investment strategy that emphasizes domestic projects, with no mention of golf. Al-Rumayyan stated U.S.-Israel conflict with Iran would add pressure to reposition priorities. Iran’s closure of the Strait of Hormuz cut Saudi oil exports nearly in half.
LIV Golf CEO Scott O’Neil responded passionately by telling staff the season continues “exactly as planned, uninterrupted and at full throttle”.
What Happens to LIV’s Biggest Stars?
Brooks Koepka became the first major LIV star to abandon ship and return to the PGA TOUR under a Returning Member Program announced by the PGA TOUR in January. Under some stipulations, the program opened a window for LIV competitors who won major championships or THE PLAYERS Championship between 2022 and 2025. The likes of Bryson DeChambeau, Jon Rahm, and Cameron Smith qualified under the criteria.
Patrick Reed followed Koepka’s path, while Kevin Na, Pat Perez, and Hudson Swafford pursued reinstatement through standard channels. They faced disciplinary violations and eligibility delayed until January 2027.
However, DeChambeau, Rahm, and Smith declined the chance. Rahm stated he was “not planning on going anywhere”. Smith declared he would remain “for years to come” and DeChambeau’s response proved somewhat ambiguous. His contract expires after 2026 and he expressed dissatisfaction with LIV’s format change from 54 to 72 holes, stating “we didn’t sign up to play for 72”.
Reports suggest DeChambeau needs $500m to extend his LIV contract. A cryptic Instagram story was posted by the American in January featuring an “exit” sign with the question “What would you do?”. Sources estimate his value between $200m and $500m.
However, the two-time major winner recently provided an update on his future. Speaking to Flushing It Golf, DeChambeau said: “As long as LIV is here, I would figure out a way for it to make sense.
“We’re still working on a potential contract. I haven’t given up on that and I think there will be a solution. But as of right now, my job is to help make the league work after this year.”
In April, PGA TOUR CEO Brian Rolapp revealed the U.S. circuit was “thinking about” creating new pathways for LIV Golf players to rejoin the PGA TOUR, potentially opening an avenue for the big names to make a return.
Speaking on an episode of The Pat McAfee Show, Rolapp said: “We’re thinking about it. “We’re reading all the same headlines you’re reading. We don’t know what’s going on over there. We know those guys are under contract and we’ll respect that.”