Why the Saudi PIF Is Done With LIV Golf

The Public Investment Fund of Saudi Arabia issued a statement about its decision to stop funding LIV Golf after this season.

Yasir Al-Rumayyan and the Public Investment Fund of Saudi Arabia will no longer be involved with LIV Golf after this season. | Jasen Vinlove-Imagn Images

The Public Investment Fund of Saudi Arabia made official Thursday what LIV Golf officials had previously confirmed—that the sovereign wealth fund which is worth approximately $1 trillion will no longer bankroll the league beyond this year.

LIV Golf had already released plans for a restructuring of the organization with appointment of an independent board of directors that will be tasked with raising funds for the league to continue into the future.

“PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,” the statement read. “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.

“The LIV Golf Board has created a committee of independent directors to evaluate strategic alternatives for its future beyond PIF’s funding horizon. 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.

“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 PIF has been a large investor in sports, including ownership of a Premier League team in England, plus forays into tennis, boxing, F1 and cricket.

But its interest in golf goes back at least a decade, when it first partnered with an entity called Premier Golf League, the forerunner of LIV Golf which proposed a similar team model with $10 million purses, guaranteed signing bonuses and equity for players who would be recruited as captains.

PIF’s involvement in that venture was said to be no more than 50% but PGL’s momentum stalled around the time of COVID-19 and in the aftermath a group split off from PGL and went with full Saudi investment to form LIV Golf in 2021.

Soon after, golf legend Greg Norman was hired as commissioner and an intense round of recruiting began, with all manner of setbacks, the league launching in June 2022 with the likes of Dustin Johnson, Phil Mickelson, Bubba Watson, Sergio Garcia signing on, later to by joined by Bryson DeChambeau and Brooks Koepka and later Jon Rahm.

This year, the league increased its purses to $30 million per tournament, with $20 million for the individual portion and $10 million going to the teams. So far, LIV Golf has played six events this year, with another scheduled for next week outside of Washington, D.C.