Saudi PIF Confirms LIV Exit; League Creates New Exec Board

The Public Investment Fund of Saudi Arabia is officially ending its funding of LIV Golf, the sovereign wealth fund announced Thursday.

“PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,” the PIF said in a statement. “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.”

LIV’s 2026 season has seven more events, starting next week with LIV Golf Virginia at Trump National Golf Club Washington, D.C., and running through its team championship in Michigan Aug. 27–30.

Earlier Thursday morning, LIV announced a new executive structure as the league fights for survival amid losing funding from the PIF.

LIV’s new independent board is being led by two corporate restructuring experts as the league “focuses on securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model,” according to the league.

“The LIV Golf Board has created a committee of independent directors to evaluate strategic alternatives for its future beyond PIF’s funding horizon,” the PIF’s statement continued. “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. PIF remains committed to deploying capital internationally in line with its investment strategy, including its substantial current and future investments in various sports as a priority sector.”

Pirinate Consulting Group CEO Eugene Davis will serve as chairman of LIV’s new independent directors committee. For nearly three decades Davis has worked with major companies like Trump Resorts, Delta Air Lines, Weight Watchers, and others, typically serving as a director, chairman of the board, interim CEO, chief restructuring officer, or other transitional role to assist companies in crisis.

LIV’s other new board leader is Jon Zinman, the founder of consulting firm JZ Advisors. Zinman currently sits on the boards of Azul Airlines, Keenova, Maker’s Pride, Belk, and Par Health.

PIF governor Yasir Al-Rumayyan has served as the chairman of LIV’s board since the league’s inception. Thursday’s announcement from LIV did not mention Al-Rumayyan, but the PIF is expected to soon make an announcement of its own confirming his impending exit from LIV.

In Thursday’s announcement, Davis said he sees “a clear opportunity to help the league formalize its structure, attract and secure long-term capital, and position the business for growth.”

LIV CEO Scott O’Neil has said multiple times that the league is searching for new investors amid questions about its future.

Earlier this week, LIV canceled LIV Golf Louisiana, the league’s debut event in New Orleans originally scheduled for late June. The event could be rescheduled for the fall, according to LIV. 

LIV has said that through its first five events of this season, yearlong revenue was tracking $100 million ahead of 2025. The league expects four events and ten teams to be profitable in 2026. In recent months, there have been conversations with potential investors about acquiring minority stakes in some of LIV’s franchises, which are currently owned 25% by team captains and 75% by the league.

LIV drew crowds of more than 100,000 at both its South Africa and Australia events.