The question that hung over LIV Golf from its inception in 2022 wasn’t whether the money would run out, but when it would run out. Early last month, Saudi Arabia’s Public Investment Fund (PIF) confirmed that funding for the breakaway golf tour would cease at the end of the 2026 season. After pouring in billions, the PIF has concluded the level of investment required is “no longer consistent with the current phase of PIF’s investment strategy.”
The Scale of the Problem
The numbers tell somewhat of a stark story. LIV’s non-US operations alone reported losses of close to $600m in 2024. By the end of the current season, Saudi investment will exceed $6bn, against revenues that remain a fraction of what would be needed to sustain the league independently. Online sports betting sites and global broadcasters have long been considered the most realistic sources of commercial revenue for LIV. Yet, the operation continues to lag behind the PGA Tour, despite there being deals in place with Fox, TNT Sports and DAZN.
The Immediate Fallout
The fallout has been immediate. PIF governor Yasir Al-Rumayyan, one of LIV’s founders, stepped down from the board within days of the announcement. Greg Norman, the founding CEO, was replaced by Scott O’Neil in January 2025 and officially departed the organisation in September of that year. O’Neil now faces the unenviable task of finding investors to back a golf tour that has never made any meaningful profit. The June event in New Orleans was quietly cancelled, leaving just seven events on the 2026 calendar.
The Players Are Already Leaving
On the sporting side, the cracks are widening. Brooks Koepka has returned to the PGA Tour. Patrick Reed has followed him, albeit via the DP World Tour. Bryson DeChambeau’s contract with LIV expires at the end of the season. Jon Rahm is signed through 2027, but with the future uncertain, he and the tour’s other big names may depart as soon as possible. PGA Tour CEO Brian Rolapp has made clear that those seeking to return should not expect an easy path back, noting that Koepka’s reinstatement under the Returning Member Programme was a one-off arrangement. The door to a negotiated settlement between the two tours currently looks firmly shut.
Signs of Life
It’s not all bleak. LIV was finally awarded Official World Golf Rankings points in 2026, a long-sought legitimacy boost that allows players to climb the rankings and gain major championship entry. Events were expanded to 72-hole formats in order to bring the product closer to mainstream golf. Revenue is currently tracking $100m ahead of 2025 year-on-year, too. These things are not nothing. But they’re also not enough to offset the loss of a sovereign wealth fund that has been willing to write blank cheques.
Can It Survive?
Possibly, but certainly not in its current form. LIV needs to find outside investors fast. It also requires a much leaner schedule and a credible answer to the question of where its best players will be playing this time next year. The commercial foundations are much more solid than they were two years ago, but without the Saudi safety net, every assumption about the league’s future must now be rebuilt from scratch. LIV Golf set out to change the sport. But now it’s in a precarious position and may not get the chance to finish what it started.
Read the full article here