The query that hung over LIV Golf from its inception in 2022 wasn’t whether or not the cash would run out, however when it might run out. Early final month, Saudi Arabia’s Public Funding Fund (PIF) confirmed that funding for the breakaway golf tour would stop on the finish of the 2026 season. After pouring in billions, the PIF has concluded the extent of funding required is “now not per the present section of PIF’s funding technique.”
The Scale of the Downside
The numbers inform considerably of a stark story. LIV’s non-US operations alone reported losses of near $600m in 2024. By the tip of the present season, Saudi funding will exceed $6bn, in opposition to revenues that stay a fraction of what could be wanted to maintain the league independently. On-line sports activities betting websites and world broadcasters have lengthy been thought-about essentially the most real looking sources of business income for LIV. But, the operation continues to lag behind the PGA Tour, regardless of there being offers in place with Fox, TNT Sports activities and DAZN.
The Rapid Fallout
The fallout has been instant. PIF governor Yasir Al-Rumayyan, considered one of LIV’s founders, stepped down from the board inside days of the announcement. Greg Norman, the founding CEO, was changed by Scott O’Neil in January 2025 and formally departed the organisation in September of that yr. O’Neil now faces the unenviable activity of discovering traders to again a golf tour that has by no means made any significant revenue. The June occasion in New Orleans was quietly cancelled, leaving simply seven occasions on the 2026 calendar.
The Gamers Are Already Leaving
On the sporting aspect, the cracks are widening. Brooks Koepka has returned to the PGA Tour. Patrick Reed has adopted him, albeit by way of the DP World Tour. Bryson DeChambeau’s contract with LIV expires on the finish of the season. Jon Rahm is signed by 2027, however with the longer term unsure, he and the tour’s different huge names could depart as quickly as potential. PGA Tour CEO Brian Rolapp has made clear that these looking for to return mustn’t anticipate a straightforward path again, noting that Koepka’s reinstatement below the Returning Member Programme was a one-off association. The door to a negotiated settlement between the 2 excursions at present seems to be firmly shut.
Indicators of Life
It’s not all bleak. LIV was lastly awarded Official World Golf Rankings factors in 2026, a long-sought legitimacy enhance that permits gamers to climb the rankings and achieve main championship entry. Occasions have been expanded to 72-hole codecs to be able to deliver the product nearer to mainstream golf. Income is at present monitoring $100m forward of 2025 year-on-year, too. These items are usually not nothing. However they’re additionally not sufficient to offset the lack of a sovereign wealth fund that has been prepared to jot down clean cheques.
Can It Survive?
Probably, however actually not in its present kind. LIV wants to seek out outdoors traders quick. It additionally requires a a lot leaner schedule and a reputable reply to the query of the place its finest gamers can be taking part in this time subsequent yr. The business foundations are far more stable than they have been two years in the past, however with out the Saudi security web, each assumption concerning the league’s future should now be rebuilt from scratch. LIV Golf got down to change the game. However now it’s in a precarious place and will not get the prospect to complete what it began.
