With Saudi Arabia’s Public Investment Fund (PIF) pulling back its financial support, LIV Golf CEO Scott O’Neil has admitted that future iterations of the league could look significantly different—or much smaller. However, Axios reports that any version of LIV will still require substantial funding.
According to Axios’ Dan Primack, as O’Neil seeks external investors for LIV, the league is aiming to raise $250 million, with projections to reach profitability within 20 months. A secondary funding option of $150 million is also being considered, dependent on team sales and a new media rights agreement to cover the gap.
This development reflects a broader retrenchment by PIF. Last month, the sovereign wealth fund announced a shift toward domestic initiatives, reducing spending on international ventures that have not yielded returns. Since its 2021 launch, LIV has reportedly received $5 to $8 billion from PIF—funds largely absorbed by a venture that failed to attract significant outside investment or approach profitability. Earlier this year, O’Neil noted that breaking even could still be a decade away.
PIF’s pullback predates LIV’s current troubles. Saudi Arabia had already begun scaling back promised international investments before the Iran War, constrained by budget deficits and overextended commitments. The U.S.-Israeli conflict with Iran further intensified pressures, as Iran’s closure of the Strait of Hormuz slashed Saudi oil exports by nearly 50%. The kingdom has also shut most of its offshore fields and recently halted one of the world’s largest petrochemical plants, delivering a major blow to a fund once valued near $940 billion—an estimate that now seems increasingly theoretical.
Against this backdrop, Yasir Al-Rumayyan—PIF governor, LIV founder, and board chairman—stepped down. LIV appointed Gene Davis and Jon Zinman to head a restructured board, calling them “seasoned experts with proven track records for navigating complex situations and unlocking value for global organizations.”
As LIV faces an uncertain future, Golf Digest reports that several player agents have already contacted the PGA Tour regarding potential returns. Few players are expected to receive exemptions similar to Brooks Koepka’s, and those involved in LIV’s antitrust lawsuit against the Tour could face further discipline.
On the course, LIV has already postponed one event this season, citing summer heat and conflicts with World Cup scheduling. Jon Rahm and Cameron Smith competed at the PGA Championship over the weekend, while Bryson DeChambeau—LIV’s marquee player—missed the cut in a major for the second consecutive time.
