Los Angeles (United States) (AFP) – LIV Golf said on Thursday it was seeking to secure “long-term financial partners,” amid rumours Saudi Arabia’s sovereign wealth fund will stop financing the series at the end of the 2026 season. LIV Golf, founded in 2021 as a main rival to the PGA Tour, issued a statement which pointedly did not mention Saudi Arabia.
“LIV Golf 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,” read the LIV statement. There was also no mention of Saudi Public Investment Fund (PIF) governor Yasir Al-Rumayyan, who co-founded LIV Golf, and is a member of the board. The statement simply mentioned two new board members, Gene Davis and Jon Zinman, had joined. LIV Golf described the duo as “seasoned experts with proven track records of navigating complex situations and unlocking value for global organizations, to guide the league through its next phase.”
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According to the Wall Street Journal, LIV plans to inform staff and players on Thursday that PIF will no longer bankroll the circuit beyond this summer. The league spent billions of Saudi dollars to lure many of the world’s top players including Bryson DeChambeau and Spaniard Jon Rahm. Reports first emerged earlier this month that the breakaway tour was on the verge of collapse due to the possible withdrawal of Saudi financing. LIV’s deep-pocketed backers in Riyadh were rumored to have cooled on the extravagantly expensive project, which has reportedly cost them over $5 billion so far.
LIV Golf CEO Scott O’Neil refuted the reports, vowing to continue the season “full throttle,” though he conceded the league would “probably” have to raise money going forward. A collapse of LIV Golf could jeopardize the careers and earnings of its star players. The likes of DeChambeau defected from the PGA Tour in acrimonious circumstances and may face severe penalties if they try to return. “There were rules, and they were broken,” PGA Tour chief executive Brian Rolapp told the Journal this week. “With rules comes accountability.”
Brooks Koepka became the first LIV player to return to the PGA fold when the five-time major winner jumped ship last December. The 35-year-old American’s return was made possible as the PGA created a Returning Member Program, described as offering “a route back to elite performers who no longer have contractual limitations preventing them from complying with PGA Tour rules and regulations.” LIV Golf this week postponed its planned June tournament in New Orleans on Tuesday, with officials saying they hope to reschedule an event for later this year.
LIV’s next tournament is set for May 7-10 at Trump National in suburban Washington. Its final scheduled tournament this season is set to take place in Indianapolis from August 20-23.
© 2024 AFP
