WSJ: Saudi PIF to End LIV Golf Funding After This Year

LIV Golf, launched with heavy backing from Saudi Arabia’s Public Investment Fund, is facing its biggest crisis after reports the fund plans to end financial support. The league’s future is now in question. [Photo=Yonhap·Reuters]

Saudi Arabia-backed LIV Golf is facing its biggest test after reports that the kingdom’s Public Investment Fund plans to stop funding the league, putting its future in doubt.

The Wall Street Journal and Bloomberg News reported on April 30 (Korean time) that PIF has decided to maintain financial support for LIV Golf only through this year and then end it. The reports said players and staff could be formally notified as soon as April 30 local time.

LIV Golf, launched in 2021 with Saudi backing, has poured more than $5 billion (about 7.4 trillion won) into the venture over four years. It drew attention by signing many top-ranked players and breaking with PGA Tour traditions, including 54-hole, three-round events and allowing players to wear shorts. The league has struggled, however, to attract spectators and television viewers.

Questions have also emerged about governance. Sports Business Journal, citing an internal source, reported that PIF Gov. Yasir Al-Rumayyan, a central figure in LIV’s creation and a key financial backer, has stepped down as chair of LIV’s board.

Signs of disruption have appeared on the schedule. LIV Golf said April 29 it is postponing its Louisiana tournament, originally set for late June in New Orleans, until the fall. The league said its “LIV Golf Korea 2026” event, scheduled to open May 28 at Asiad Country Club in Busan, will proceed as planned.

* This article has been translated by AI.

Kang Sang Heon ksh@ajunews.com