LIV Golf announced a big restructuring at board level on Thursday, with Saudi Arabia set to remove future funding of the rebel golf league. 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 their investment understood to be over $5billion (£3.7bn) since its opening event in June 2022.
But that funding is to be removed at the conclusion of the 2026 season, with the league already searching for new investment. Despite CEO Scott O’Neil asserting that LIV’s scheduled events will continue “full throttle”, Sky Sports 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…
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LIV Golf chief executive Scott O’Neil says the 2026 season will continue ‘uninterrupted’ amid suggestions that Saudi Arabia could cut its financial backing for the breakaway competition
What did LIV Golf announce and why?
LIV Golf announced a series of strategic plans on Thursday, 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”.
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.
What does this announcement mean for LIV Golf?
With Saudi Arabia pulling the plug on LIV’s funding, LIV Golf, through its restructuring, is looking to establish new financing arrangements.
“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,” Sky Sports News’ Chief Correspondent Kaveh Solhekol said.
“Up until now, they have been reliant on the backing of the sovereign wealth fund of Saudi Arabia, but the sovereign wealth fund, PIF, is expected to announce that they will be pulling their funding at the end of this season, and LIV are putting a brave face on.”
“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.”
How much money has LIV Golf spent?
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Sky Sports chief correspondent Kaveh Solhekol explains how changes in Saudi investment into sport could affect the future of Newcastle, Mohamed Salah and LIV Golf
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 Money in Sport.
However, a LIV Golf spokesperson told Sky Sports 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”.
It comes after LIV’s EVP of Team Business Operations, Kate O’Reilly, said earlier this year: “Our goal is to build 13 billion-dollar franchises. That is our goal. Are we there yet? No. But right now we are building the foundation for that. So we are focused.”
Why is the Saudi PIF pulling out?
LIV Golf was not included in the PIF’s four-year funding strategy, which was announced two weeks ago.
“They’ve had enough of losing money,” Sky Sports 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 ten 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.
The PIF has been contacted for comment.
What did the PGA Tour and DP World Tour say?
The PGA Tour told Sky Sports that it would not be making an official statement on the matter.
The DP World Tour confirmed to Sky Sports that multiple players have sounded the tour out over potentially being reinstated on tour.
How did LIV Golf’s arrival impact men’s golf?
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, Brooks Koepka and Patrick 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.
How have LIV Golf members played on the DP World Tour?
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Following a poor showing from LIV golfers on the opening day at The Masters, Brandel Chamblee and Paul McGinley criticised the competition
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).
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.
Today’s Golfer has reported that LIV players are reaching out about reinstatement pathways to other tours.
What could happen with players if LIV Golf stops?
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Brooks Koepka reviewed his first day back on the PGA Tour after his departure from LIV Golf
What will happen to stars 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 £63 million.
“When it comes to sports investments, we have moved into a new phase. The investments have to make sense for Saudi Arabia. When it comes to boxing, the events they hold in Riyadh cost them a lot of money, but it boosts tourism. Having Cristiano Ronaldo – they pay him a fortune – but it’s good for the image of the country. The eyes of the world are on Saudi Arabia if there’s a grand prix there. Those things make business sense. They will continue to invest in things with a business incentive.”
The conditional releases were only granted by the DP World Tour for this season and were described in February as ‘not precedent-setting’, meaning a new agreement may be required should LIV Golf continue in 2027.
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.
How has Reed featured on DP World Tour?
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Eamon Lynch argues Patrick Reed is a valuable, polarising figure whose move to LIV Golf exposed how the PGA Tour lost fan-driving personalities by not embracing them
Reed has competed on the DP World Tour as an Honorary Lifetime Member since leaving LIV Golf in January, the week after winning the Hero Dubai Desert Classic.
The former Masters champion resigned his PGA Tour membership in 2022 before violating any regulations, leaving him eligible to return – after a 12-month suspension – as a non-member from August 25.
Reed would be eligible to participate in FedExCup Fall events as a non-member and could accept sponsor exemptions to feature, before returning as a past champion member for the 2027 season.
He also won the Qatar Masters in February, leaving him in a strong position to end the campaign as one of the top-10 finishers on the DP World Tour’s season-long Race to Dubai Rankings, which would give Reed an improved category on the PGA Tour next year.
Why was Brooks Koepka allowed to return?
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Sky Sports’ Jamie Weir discusses why Brooks Koepka has been allowed to return to the PGA Tour after leaving LIV Golf under the new Returning Member Program
The PGA Tour announced that Koepka had his PGA Tour membership reinstated under the new Returning Member Program, established ahead of the 2026 season and just weeks after the five-time major champion confirmed his departure from the LIV Golf League.
The program was described as ‘a route back to elite performers who no longer have contractual limitations preventing them from complying with PGA Tour rules and regulations’, with the goal being to ‘see the best players in the world back on the PGA Tour’.
Only players away from the PGA Tour for at least two years and a winner of The Players or major during the past four seasons were eligible for the programme, with Koepka one of only four eligible players to accept the offer.
What’s going to happen with DeChambeau?
What next for Bryson DeChambeau?
Cameron Smith, Jon Rahm and Bryson DeChambeau turned down the Returning Member Program, described as an ‘exclusive, one-time pathway’, although speculation has grown on DeChambeau’s future ahead of his LIV Golf contract expiring at the end of the 2026 season.
The American missed the cut at The Masters and then withdrew ahead of the final round of LIV Golf League Mexico City a week later, citing a wrist injury, having won twice during the early part of the campaign.
DeChambeau is yet to agree a new deal, 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”.
LIV Golf CEO Scott O’Neil insists the 2026 season will continue at ‘full throttle’
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.”
How much were players paid to join LIV?
LIV were not shy about wielding their chequebooks to land some of the world’s best players.
According to The Telegraph, 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).
Are Saudi commitments to other sports under threat?
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Sky Sports News chief correspondent Kaveh Solhekol reveals Saudi Arabia’s Public Investment Fund might be withdrawing their financial support to LIV Golf
Sky Sports News chief correspondent Kaveh Solhekol:
“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.”
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