LIV Golf, at least the version we’ve witnessed develop over recent years, is finished.
Since day one, it has always been a question of when, not if, the leaders of the Saudi Public Investment Fund (PIF) would reach the point that they could no longer justify investing an obscene sum of money into a breakaway golf league. Even a PIF valued at more than $1 trillion has to eventually see a return on investment.
That return never came to fruition, and less than four years after its inaugural event was held in London, the Saudis have cut off their never-ending flow of cash to LIV Golf.
LIV Golf signage is seen on the course before play begins on day two of the LIV Golf Invitational – Greenbrier at The Old White Course on August 05, 2023 in White Sulphur Springs, West Virginia. (Photo by Eakin Howard/Getty Images) (Eakin Howard/Getty Images)
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After weeks of reports and speculation that the PIF would soon pull the plug on LIV Golf, it released a statement on Thursday confirming what the golf world knew was coming.
“PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,” the statement began. “The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy. This decision has been made in light of PIF’s investment priorities and current macro dynamics.
“The LIV Golf Board has created a committee of independent directors to evaluate strategic alternatives for its future beyond PIF’s funding horizon. LIV Golf has substantially grown the game globally through its transformational and positive impact. It has forever changed the game of golf for the better.”
Phil Mickelson walks the 16th fairway on day two of LIV Golf Indianapolis at The Club at Chatham Hills in Westfield, Ind., on Aug. 16, 2025. (Justin Casterline/Getty Images)
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The PIF’s announcement comes two weeks after it shared a new five-year investment strategy focusing on reprioritizing spending. It also comes as the war in Iran continues, one that has a tremendous geopolitical impact involving Saudi Arabia.
When you couple the “macro dynamics” the Saudis want to turn their attention to with the incredible sum of money they’ve invested in LIV, the decision to cut off funding had to have become easier and easier over time.
It was reported in early 2026 that LIV Golf’s net spending per month averaged $100 million in 2024 and 2025. For the 2026 campaign, LIV’s fifth, Saudi PIF Governor Yasir Al Rumayyan reportedly approved a $266.6 million capital injection into the circuit.
The PIF reportedly injected north of $1 billion into LIV Golf in 2021, 2022, 2024 and 2025. The $266 million injection to begin the new year, an increase in prize funds for the season and the net spend of $100 million per month, the Saudi PIF’s cumulative investment was set to reach $6 billion by the end of 2026.
The PIF’s statement about cutting ties with LIV Golf came shortly after the circuit announced new board appointments for what it is calling a “transition from a foundational launch phase to a diversified, multi-partner investment model.”
Scott O’Neil attends a press conference in Johannesburg to announce LIV Golf’s return in 2027 on March 22, 2026. (Johan Rynners/Getty Images)
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It’s hard to imagine the new “investment model” evolving into something resembling a PIF worth more than $1 trillion, which brings in huge questions regarding the future for the operation as a whole, tournament purses, and what guaranteed contract worth tens of millions LIV has handed out since its inception.
There are seven remaining events on the 2026 LIV Golf schedule, with the next set to take place at Trump National in Virginia beginning on May 7.
