Saudi Arabia to cease funding for LIV Golf, as the tour looks for new investors

Saudi Arabia might cease its financial support for LIV Golf following this season, as the tour seeks new investors and considers changes in leadership.

Reports from the BBC indicate that Saudi Arabia is set to conclude its financial support for LIV Golf following this season. The decision prompts inquiries regarding the future of the independent golf series.

The Public Investment Fund, which has been a supporter of the tour since its inception, is anticipated to withdraw its financial backing. LIV Golf is currently seeking new investors to sustain the competition and uphold its global schedule.

According to BBC Sport, the tour is working on a new structure to obtain additional funding. Leadership changes are anticipated, as Yasir Al-Rumayyan is reported to be stepping back from his position on the board.

The tour has made modifications to its schedule, including postponing an event in New Orleans. Events in Europe and Asia are anticipated to proceed as planned, with subsequent stops in the United States to follow.

Officials have acknowledged that the number of events could be diminished if additional funding is not secured. The series operates on a worldwide schedule featuring numerous tournaments every season.

The Public Investment Fund has made significant investments in LIV Golf since its inception in 2021. The establishment of the tour aimed to compete with the PGA Tour, attracting numerous prominent players.

Saudi Arabia is currently reassessing its broader sports investments as part of a transition towards sustainable domestic spending strategies.

A statement from the fund’s leadership indicated: “PIF will persist in supporting the objectives of Saudi Vision 2030 by fostering competitive domestic ecosystems and establishing global economic partnerships.”

LIV Golf has yet to provide an official statement regarding the reported funding decision.