Saudi Arabia's Public Investment Fund (PIF) confirmed it will end its funding of LIV Golf at the end of the 2026 season, as the rebel league announced it was seeking investment opportunities from external sources. So what does the future hold for LIV and its players?
Saudi Arabia's Public Investment Fund (PIF) has funded the circuit since its launch, with its investment understood to be over $5bn (£3.7bn) since LIV's opening event in June 2022.
But following Thursday's announcement, LIV is already searching for new investment. Despite CEO Scott O'Neil asserting that LIV's scheduled events will continue "full throttle", Your Site News understands that the future of its star players, and possibly the breakaway league itself, is in the balance.
Here's what we know so far - and what could happen next…
On Thursday, the PIF revealed that its investment in LIV Golf was no longer in line with the fund's current investment strategy.
A statement from the PIF read: "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."
Questions have arisen about what this funding cut would mean for other sports like snooker, boxing and football but the fund added that it was committed to its "investments in various sports as a priority sector".
"The PIF have had enough of losing money," Your Site News chief correspondent Kaveh Solhekol said. "They've made an investment of $5bn into LIV over the past five years, and they haven't had a return on that investment.
"They've been told that LIV is unlikely to make any profit for the next five to 10 years. They have to take a cold-hearted business decision. They've got to stop thinking with their hearts. They've decided that enough is enough."
LIV Golf , which it hopes will help the league secure funding from other sources as it prepares to lose funding from the PIF.
The league announced the establishment of an independent board, with new executives Gene Davis and Jon Zinman, both set to guide the league through its next phase.
Dubbed a "strategic evolution" by the league, LIV explained that it was looking to hold "constructive, forward-looking discussions with prospective global investors and partners who share our vision for an inclusive and modernised game", as it looks to expand from one source, the PIF, to multiple income streams.
The league is driven to move forward without the PIF, and its commitment to the Team Golf model "has never been stronger". Interestingly, LIV's statement made no mention of PIF's funding.
It is understood that LIV went over their plans for the future with the 13 team captains - including Bryson DeChambeau and Jon Rahm - in a call on Tuesday, with players already said to be exploring their options in the wake of the news.
With Saudi Arabia pulling the plug on LIV's funding, LIV Golf, through its restructuring, is looking to establish new financing arrangements. It also comes as its chairman, Yasir Al-Rumayyan, is expected to step down from his role at the rebel league.
"It looks like it's the end of the road [for investment from the PIF] but as far as LIV as concerned, the show must go on. What this statement is saying is that they are transitioning to a new funding model," Solhekol said.
"Instead of just being reliant on one source of income, they are moving to a multi-source model of funding.
"The big question is - because LIV has lost so much money - is there anyone who is actually willing to invest in it? LIV themselves have said they have held constructive talks with potential investors."
Speaking on the PIF, Solhekol said: "They've had enough of losing money. They've made an investment of $5bn into LIV over the past five years and they haven't had a return on that investment. They've been told that LIV is unlikely to make any profit for the next five to ten years. They've decided that enough is enough."
Financially, LIV Golf has lost money since its inception in 2021. In 2024, the UK-based arm of the operation posted losses of $624.21m (£461.8m).
That brought cumulative losses outside the United States to £1.1bn in just three and a half years, bringing the financial sustainability of the competition into question.
Finding investors with as deep pockets as the PIF seems unlikely, with LIV also offering $30m (£22.25m) prizes for each of its events, and has already spent $5bn (£3.71bn) since 2022 - a figure that is forecasted to reach $6bn by the end of this year, according to .
However, a LIV Golf spokesperson told Your Site last week that the league was on track to generate $100m (£74.07m) from its first five events of the season. The spokesperson added that sponsorships and partnerships were up 40 per cent year-on-year, while ticket sales had also increased by 129 per cent.
The spokesperson also said that four LIV Golf events and 10 teams would be profitable in 2026, adding the league was "in the early stages of reviewing strategic options for team equity sales, aligning with the League's long-term strategic plan of diversifying stakeholders and separately capitalising teams".
The PGA Tour told Your Site that it would not be making an official statement on the matter.
The DP World Tour confirmed to Your Site that multiple players have sounded the tour out over potentially being reinstated on tour.
Speaking on what could happen to players like DeChambeau and Rahm, Solhekol said: "It depends if LIV carries on. If it carries on, it's likely that some of the players would play out their seven events before cancelling their contracts at the end of the season.
"We know that, back in February, Bryson DeChambeau turned down the opportunity to return to the PGA tour. However, Brooks Koepka took the opportunity and paid fines of up to £63m."
The PGA Tour and DP World Tour have not yet issued any stipulations on how reinstatement could work, but it is expected that LIV Golf players will have to reapply to play on the tours.
It is also likely they will have to pay fines and perhaps even serve suspensions, similar to those imposed on Koepka by the Returning Members Programme.
Koepka returned to the tour via the Returning Member Scheme in January. He is unable to gain a direct entry to the PGA Tour's signature events as a result has been required to make $5m charitable donation.
DeChambeau, meanwhile, is currently in negotiations with LIV Golf on a new contract. His current deal is set to run out at the end of the season, with The Athletic reporting that the two-time US Open champion spent some of Masters week "meeting with organisations to discuss possible options if he chose to leave LIV".
DeChambeau said in an interview with the Flushing It social media site that "as long as LIV is here, I would figure out a way for it to make sense."
"There's a lot of moving parts like in any business," DeChambeau said. "It's a startup, right? And so there's going to be times where we're squeezed and punched. This is one of those moments. But I'm going to do everything in my power to make it work and I really see the value in franchise golf."
Conditional releases were granted to eight current DP World Tour members who are also competing on LIV Golf this season, provided they settled all outstanding fines, withdrew any pending appeals and agreed to certain terms.
Laurie Canter, Thomas Detry, Tyrrell Hatton, Tom McKibbin, Adrian Meronk, Victor Perez, David Puig and Elvis Smylie accepted the conditions, ensuring they faced no disciplinary action from the DP World Tour for playing on LIV Golf in 2026.
Some conjecture has emerged about how much the fines cost, but they were expected to have been over $2.5m (£1.85m).
Rahm rejected the DP World Tour's offer of a conditional release for the 2026 season and described the deal as "extorting players". His fines were expected to have exceeded $3m (£2.22m) and will likely need to pay them if he is to return.
It raised concerns over the Spaniard's future on the DP World Tour and as part of Europe's Ryder Cup team, but Rahm explained he was hopeful that a deal between himself and the tour could be negotiated.
The conditional releases were made with no direct involvement from non-members or LIV Golf. Former members can reapply for Tour membership, providing outstanding fines are settled in full and suspensions served, with the next opportunity to reapply for membership coming ahead of November's deadline for the 2027 season.
Any player who participates in a LIV Golf tournament is currently typically ineligible to compete in any PGA Tour-sanctioned event for at least 12 months, with Patrick Reed among those currently suspended.
LIV were not shy about wielding their chequebooks to land some of the world's best players.
According to , Rahm agreed a $608m (£450m) deal to join the breakaway league in December 2023, making him the highest-paid player on the circuit. That report adds that the Spaniard was paid $302m (£240m) up front to join the rebel league.
Phil Mickelson is reported to have penned a deal worth $200m (£148m), while DeChambeau's deal is said to be worth around $125 (£92.5m).
LIV Golf Investments - fronted by Greg Norman - was formed in 2021 and launched an eight-event invitational series the following year, with Phil Mickelson, Sergio Garcia, Dustin Johnson and Ian Poulter among the first to set up.
Johnson and Garcia were among those to resign their PGA Tour membership, while Bryson DeChambeau, Koepka and Reed were among the next wave of signings, with LIV Golf accused of 'sportswashing' by a nation trying to improve its reputation over its human rights record.
LIV Golf's arrival fractured the men's professional game, leading to the DP World Tour and PGA Tour strengthening their strategic alliance later that year to improve prize money and try to prevent further players switching tours.
A shock Framework Agreement was announced between the three tours in June 2023, created with the aim of 'ending divisions and unifying the game of golf for the benefit of all of their shareholders', although no resolution has yet been reached.
Speaking on the statement that Saudi Arabia's PIF would remain committed to investing in other sports, Solhekol said: "Some positive news here for other sports. If I was involved in boxing promotion or if I were a football agent or F1 or a wide variety of different sports, including E-sports, which Saudi Arabia have been involved in, I would see a little bit of good news in that statement.
He added: "I can't see PIF pulling back from their involvement in Newcastle United because their investment has been hugely successful. Newcastle won a trophy for the first time in 70 years. They recently reported record revenues and record commercial income, and they are back in the Champions League. I know everything is not going swimmingly on the pitch, but off the pitch, it's been a great investment.
"Secondly, the Saudi Pro League - will they continue funding that? Yes, they will, but we've also seen them pulling back a little bit and asking private investors to get involved in owning and running some of those clubs. Will they still make a move for Mo Salah this summer? I think they will.
"Will this affect the 2034 World Cup at all? Not hugely. They have already pulled back a little bit from some of the really ambitious, mega stadiums and cities they were planning on building. I think what you will see again, the same as with LIV, is that everything has to have a business rationale. They just won't throw money at sport anymore."
