Los Angeles (United States) (AFP) – Saudi Arabia’s sovereign wealth fund will stop financing LIV Golf at the end of the 2026 season, throwing the future of the breakaway tour into serious doubt, US media reported Wednesday. LIV Golf, founded in 2022 as a main rival to the PGA Tour, plans to inform staff and players on Thursday that the Saudi Public Investment Fund will no longer bankroll the circuit beyond this summer, the Wall Street Journal said.
The league, which spent billions of Saudi dollars to lure many of the world’s top players including Bryson DeChambeau and Phil Mickelson, will “evaluate strategic alternatives” to continue operating, CNBC reported. Both the Wall Street Journal and CNBC cited multiple anonymous sources. LIV Golf did not comment when repeatedly contacted by AFP.
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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.”
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
