The controversial and embattled LIV Golf tour will have to do without funding from the Saudi Arabian Public Investment Fund (PIF) after this season, and has unveiled a new board as a first step to the necessary restructuring that will inevitably follow.
LIV, in a statement today, announced two new board members – Gene Davis and Jon Zinman – and confirmed that it will, from next season, be led by a "newly established independent board," which is highly unlikely to feature the main backer of the series up to this point, PIF governor Yasir al-Rumayyan. The statement did not mention either PIF or its governor.
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Al-Rumayyan and PIF have so far invested approximately $5 billion in LIV, which held its first events in 2022.
Now, LIV has said it is set to "transition from a foundational launch phase to a diversified, multi-partner investment model." It added that Davis and Zinman have "proven track records of navigating complex situations."
With PIF removing funding from LIV, this will likely lead to the series being significantly scaled back in terms of the number of annual events.
Indeed, earlier this week, the series' June event in New Orleans, USA, was postponed, meaning no events in its home market will take place between May 10 and August 6 (although LIV will put on tournaments in the UK, Spain, and South Korea) across those three months.
LIV – which attracted several top golfers in its early years, by offering them astronomical sums of money – is in talks with potential investors, and the series is considered to be up for sale.
GlobalData Sport (Sportcal) understands that LIV is expected to generate $100 million more in revenue this year than it did in 2025, and 10 of its 13 teams – all of whom have now been informed of this change of strategy – will turn a profit.
Overall, LIV has made net losses – outside the US – of over $1.1 billion since 2021, as of its 2024 financial results.
Formally, the series has said that it is leveraging momentum from this season "to engage in constructive, forward-looking discussions with prospective global investors and partners who share its vision for an inclusive and modernized game."
The series is also understood to be exploring team equity stake sales for up to two teams in 2026, with private equity funds among those believed to be interested.
In terms of LIV's relationship with the other golf tours, the PGA Tour (US) and DP World Tour (Europe) announced in 2023 that they had agreed to a merger with PIF, but despite being locked in negotiations for several years, the tie-up has not come to fruition.
LIV Golf's chief executive, Scott O'Neill, has already had to address teams and players to quell rumours about whether the series will even be able to get to the end of the 2026 season, saying this campaign will continue "as planned and uninterrupted."
Now, Davis – who has been appointed chair of the independent directors committee – commented: "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.”
This news around LIV specifically comes in the context of Saudi Arabia and PIF setting out a new investment strategy, based on increased sustainability.
PIF has already sold a 70% stake in Saudi soccer side Al-Hilal in April, while earlier this week, the Saudi Arabia Snooker Masters was terminated after two years of a decade-long deal.
Outside of golf, Saudi Arabia still has significant investments – primarily through PIF – in the worlds of soccer, tennis, and boxing, and will host soccer's 2034 FIFA World Cup as very much the crown jewel of its sporting policy.
Turning back to LIV, that series announced a new rights deal with Indian pay-TV broadcaster Sony Pictures Network (SPN) for the rest of the 2026 season, earlier this week.
