Saudi Arabia’s Public Investment Fund has ceased its financial backing of LIV Golf.
After a period of speculation, LIV Golf is expected to inform its players by Thursday that funding from Saudi Arabia will stop at the end of this season, according to a Wednesday report.
LIV Golf’s CEO, Scott O’Neill, seemed to support this news earlier this month.
O’Neill mentioned, “The reality is that you’re funded through the season and then you work like crazy as a company to create a business and a business plan to stay in business,” at an event in Mexico City.
He had previously reassured his staff in an email that the season would continue “as planned, without interruption, and at full throttle.” However, it seems that plans have shifted, as the June tournament in New Orleans has now been postponed, with a new date yet to be established.
O’Neill expressed excitement about the new business plan they are developing.
It’s worth noting that LIV Golf has moved to a 72-hole format this season from its original 54-hole style, which may appeal to golfers who have returned to the PGA Tour. Meanwhile, both Bryson DeChambeau and Jon Rahm have contracts that end after this season, creating uncertainties about their next steps.
Despite recent challenges, including not receiving points for the Official World Golf Rankings, LIV Golf remains optimistic about its future, with O’Neill stating that if revenue continues to grow, it could become a very successful business in the long run.
LIV Golf, which launched in 2022, has already produced two major tournament winners. However, the team faces pressure as ongoing reactions from players regarding funding and tournament structures continue to evolve. As of now, LIV Golf has not responded to inquiries about these developments.
