Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), confirmed it will end its funding of the breakaway LIV Golf tour at the close of the current 2026 season, citing a shift in investment strategy and “current macro dynamics” amid the ongoing conflict in the Middle East.
PIF launched LIV Golf in 2022 as a rival to the long-established US PGA Tour. The fund backed the circuit with over $5 billion and helped recruit high-profile players, including major champions Brooks Koepka, Phil Mickelson and Dustin Johnson, prompting an acrimonious split in professional golf.
In a statement, PIF said it would fund LIV only for the remainder of 2026. LIV said it is transitioning “from a foundational launch phase to a diversified, multi-partner investment model,” and that a formal process is underway to attract long-term financial partners.
Signs of strain surfaced when ESPN published an email from LIV CEO Scott O’Neil saying the current season would continue “exactly as planned” but omitting any commitment beyond 2026. A planned June tournament in New Orleans was postponed and has not yet been rescheduled, fueling speculation about the tour’s financial stability.
PIF said the substantial longer-term investment required by LIV is no longer aligned with its current investment phase, priorities and macroeconomic considerations. The fund has increasingly signaled a pullback from some international sporting investments amid an economic slowdown and regional instability.
Earlier this month, PIF governor Yasir Al-Rumayyan outlined a strategy to reduce international investments and emphasize domestic projects between 2026 and 2030. He has said the fund continuously reassesses priorities, noting reviews of “some deals and investments.” Recent examples of scaled-back sports spending include the abrupt cancellation of the Saudi Arabia Snooker Masters after two editions and the sale of a 70% stake in Saudi Pro League club Al-Hilal.
Broader Saudi megaprojects have also been curtailed. Plans for Neom — the $500 billion desert redevelopment and its futuristic “The Line” — have been scaled back, with reports suggesting far less construction and population by 2030 than initially planned. Neom also lost the 2029 Asian Winter Games, which were reassigned to Almaty, Kazakhstan.
With PIF withdrawing long-term funding, LIV Golf must find alternative backers. According to reports, some LIV players have approached the PGA Tour and the European DP World Tour about potential returns, though such moves may be complicated by the players’ involvement in PIF/LIV-backed antitrust litigation against the PGA Tour.
Edited by: Rana Taha