LIV Golf is seeking new investment after losing Saudi funding at end of season

By Amanda Davies, Ben Church, Kyle Feldscher, CNN

(CNN) — LIV Golf will look to restructure and seek new investment after its Saudi backers are pulling funding from the league at the end of the season, a senior source familiar with the situation told CNN Sports.

On Thursday, LIV made it official, announcing a new structure as it seeks to find new investors.

“LIV Golf, the global golf league blending world-class competition with entertainment and culture to grow the game worldwide, today announced new board appointments as the league focuses on securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model,” a LIV press release states.

It added that its newly established independent board would be led by Gene Davis and Jon Zinman.

The Saudi-backed circuit aimed to rival the PGA Tour as the world’s preeminent destination for pro golf by luring some of the game’s top names with huge sums of money, largely from Saudi Arabia’s Public Investment Fund (PIF).

CNN Sports now understands that, in the last two weeks, LIV informed players and staff that PIF was withdrawing its backing at the end of the season.

The Wall Street Journal first reported Wednesday that funding is expected to be pulled from the league as early as Thursday.

LIV could not confirm reports that chairman Yasir Al-Rumayyan would be stepping down as part of the process.

Launched in 2022 with an initial $400 million investment, LIV Golf looked to rival the PGA Tour by featuring $250 million in prize purses, initially threatening to shake the foundations of the sport. The PGA Tour declined to comment when asked about Wednesday’s Wall Street Journal report.

The league is primarily funded by PIF, the sovereign wealth fund chaired by Mohammed bin Salman – the crown prince of Saudi Arabia and the man who a US intelligence report named as responsible for approving the operation that led to the 2018 murder of journalist Jamal Khashoggi. Bin Salman has denied involvement in Khashoggi’s murder.

The Saudi Arabian government has been dealing with the economic fallout from the war between the US and Iran and the subsequent effects on the oil markets that are so lucrative to the Saudi government.

Saudi energy infrastructure has been the target of Iranian attacks, and the closure of the Strait of Hormuz has had a dramatic effect on the movement – and price – of oil drilled in the Middle East. Reports have indicated in recent weeks that the PIF has been assessing its investments in light of the war and the effect it is having on the Saudi economy.

All of that has led to rampant speculation on LIV’s future that only ramped up after an event in New Orleans was rescheduled to a later date on Tuesday.

The announcement came from Louisiana officials, indicating that the June event in New Orleans would be moved to the fall. In a statement to the Associated Press, LIV attributed the decision to the summer heat in The Big Easy and the World Cup.

While the loss of funding has been characterized by some as a death knell for the organization, LIV officials have been quick to point out that the league has been increasing its revenue this year. According to LIV, the organization is increasing its revenue and is tracking $100 million ahead of 2025 so far this year. Sponsorships and merchandise revenue are both up year-over-year and ticket sales are up 129% year-over-year.

However, ESPN reports that multiple representatives for LIV players have started to reach out to the PGA Tour about exploring a path to play on the circuit again.

Previous rumors of LIV’s possible collapse prompted CEO Scott O’Neil to say in a letter to employees, “We are heading into the heart of our 2026 schedule with the full energy of an organization that is bigger, louder, and more influential than ever before.”

“LIV Golf’s funding and operations are continuing as planned,” a source with knowledge of the situation told CNN Sports less than two weeks ago.

A Saudi source familiar with the matter previously told CNN that the PIF would not be pulling out of LIV Golf this year.

The next event on the schedule is set to tee off on May 7 at Trump National Golf Club in Washington, DC.

CNN’s Becky Anderson and Kevin Dotson contributed to this report.

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