With Saudi Arabia’s Public Investment Fund withdrawing its financial backing, LIV Golf CEO Scott O’Neil has acknowledged that a future version of the league may look considerably different, or considerably smaller. But according to a report from Axios, whatever form it takes will still require serious money.
Axios’ Dan Primack reports that as O’Neil shops LIV to outside investors, the league is seeking $250 million, projecting profitability within 20 months. A secondary option exists at $150 million, contingent on team sales and a new media rights deal bridging the gap.
The timing reflects a broader PIF retrenchment. Last month, the sovereign wealth fund announced a strategic pivot toward domestic programs, cutting expenditures on global ventures that have failed to generate returns. PIF is estimated to have injected between $5 and $8 billion into LIV since the league launched in 2021, money that has largely disappeared into a venture that never attracted large outside investors and never approached profitability. O’Neil himself said earlier this year that breakeven could still be a decade away.
The fund’s retreat predates LIV’s crisis, however. Saudi Arabia was already pulling back from promised international investments before the Iran War, squeezed by budget shortfalls and overextended commitments. The U.S.-Israeli conflict with Iran accelerated the reckoning. Iran’s closure of the Strait of Hormuz has slashed Saudi oil exports by nearly half. The kingdom has shuttered most of its offshore fields and this month halted one of the world’s largest petrochemical plants, a staggering blow to a fund whose estimated worth, once pegged near $940 billion, now looks increasingly theoretical.
Against that backdrop, Yasir Al-Rumayyan — PIF governor, LIV’s architect, and chairman of its board — stepped down. The league has named Gene Davis and Jon Zinman to lead a restructured board, describing them as “seasoned experts with proven track records for navigating complex situations and unlocking value for global organisations.”
As LIV stares into an uncertain future, Golf Digest has reported that agents for several LIV players have already reached out to the PGA Tour about paths back. Few are expected to receive the kind of exemption extended to Brooks Koepka. Those who participated in LIV’s antitrust lawsuit against the Tour could face additional discipline.
On the course, LIV has already postponed one event this season, citing summer heat and World Cup scheduling conflicts. Jon Rahm and Cameron Smith both contended at the PGA Championship over the weekend. Bryson DeChambeau, LIV’s marquee attraction, missed the cut for the second consecutive major.
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Main Image: Sarah Reed
