"The significant investment in LIV Golf no longer aligns with the current phase of the fund's investment strategy," PIF announced on 30/4.

This means LIV Golf will operate under a new governing board, as PIF Chairman Yasir Al-Rumayyan no longer holds the leadership role. Al-Rumayyan, who co-founded LIV Golf with Greg Norman in 2021, stepped down just two weeks after reports emerged of PIF withdrawing billions in funding. The information was officially confirmed last thursday.

To navigate this precarious situation, LIV Golf has appointed two financial experts, Gene Davis and Jon Zinman, to key positions. The league aims to find long-term financial partners to support its transition from a startup phase to a multi-partner investment model.

The LIV Golf system is on the brink of collapse following PIF's withdrawal. Photo: Reuters

LIV Golf's new strategic plan marks the first time the league has acknowledged it will operate without PIF funding after 2026. According to internal sources, the system remains committed to maintaining its global tournament model and team format. This plan was presented to 13 team captains in an online meeting on 28/4.

"LIV Golf has built a distinct product, a global league with a passionate fanbase, elite stars, and clear commercial momentum," said Davis, Chairman of the Independent Board Committee. "The board, along with Jon and me, sees a clear opportunity to standardize its structure, attract long-term capital, and enter a growth phase, while continuing to promote golf globally."

CEO Scott O’Neil had previously denied reports of PIF's withdrawal, insisting the season would proceed as planned. However, LIV recently announced the postponement of an event scheduled to be held in New Orleans in june.

Golfer Joaquin Niemann, captain of Torque GC, tees off on hole 7, round 1 of LIV Golf Mayakoba at El Camaleon golf course, in Playa del Carmen, Mexico on 2/2/2024. Photo: AP

In its capital-raising efforts, LIV Golf plans to sell equity stakes in its 13 teams and attract additional outside investors. O’Neil also revealed that the league is seeking innovation, including potential collaborations with expanded tours in various countries.

Nevertheless, Al-Rumayyan's departure is a major turning point. Industry observers believe Al-Rumayyan, a golf enthusiast, was the primary benefactor for LIV Golf, a project that has cost around 5 billion USD since 2022.

In 2/2025, Al-Rumayyan, alongside former PGA Tour CEO Jay Monahan, Tiger Woods, and other influential figures, met with President Donald Trump at the White House to seek a unified agreement between the PGA Tour and LIV Golf. However, negotiations quickly stalled. Just 14 months later, PIF and LIV Golf officially parted ways.

According to ESPN sources, representatives for many LIV Golfers have begun contacting the PGA Tour to explore a return. The Wall Street Journal reported that the system will officially inform golfers about PIF's funding cessation once the season concludes, while the Telegraph stated that team captains have already received the information.

The LIV Golf Virginia event at Trump National Golf Club is still scheduled to commence on 7/5.

Vy Anh