The launch of LIV Golf in June 2022 was intended to disrupt and challenge the existing structure of professional golf, creating a rival league to the PGA Tour and stealing the game’s top stars to rebuild golf in a new image. Four years later, the league, which is fully funded by Saudi Arabia’s Public Investment Fund, may be on the verge of bankruptcy.
According to the Wall Street Journal and CNBC, LIV Golf plans to notify players and staff on Thursday that the PIF will withdraw funding for the league at the end of the 2026 season, ending an investment that has pumped more than $5 billion into the circuit since its inception.
Yasir Al-Rumayyan, PIF chairman and LIV Golf board chairman, resigned from his position at LIV Golf on Wednesday, according to Sports Business Journal.
Saudi Arabia is in the midst of reevaluating its significant financial involvement in sports and the ongoing conflict between the United States and Iran.
LIV Golf CEO Scott O’Neill initially denied reports that PIF was unwinding its multibillion-dollar investment, pointing out two weeks ago that the league was fully funded through the 2026 season, but the circuit is now facing the reality of the situation as it prepares for the future.
LIV Golf is already An event scheduled for New Orleans has been postponed.And now it must find investors willing to provide significant capital to keep it running until 2027 and beyond.
Securing a financier to back nine-figure guaranteed contracts and big money will be difficult, given the league’s struggles to build relationships with fans and generate media rights revenue and TV ratings. Still, LIV Golf reportedly plans to consider strategic alternatives rather than closing the door, but it’s hard to imagine how that would allow the league to keep star players like Jon Rahm and Bryson DeChambeau.
As such, the future of LIV golf is now in jeopardy as years of efforts to attract top players and large audiences on the PGA Tour have failed. LIV Golf is struggling to attract top names after an initial wave of big signings while bleeding money as the PGA Tour itself adds private investment and increases funding for its marquee tournaments.
Losses are estimated at $500 million to $600 million annually, but LIV Golf is on pace to improve its 2026 revenue forecast by $100 million after signing multiple brand partnership deals, CNBC reported.
Critics have accused LIV Golf of acting as Saudi Arabia’s sports washing arm, an operation that existed as a way to improve the country’s reputation amid accusations of human rights abuses and corruption. Proponents suggested they were trying to evolve the game of golf by offering alternative products in different formats.
However, because of its 54-hole, shotgun start, and no-cut tournament, LIV Golf failed to gain recognition from the sport’s preeminent rating agency, the Official World Golf Rankings, and the team competition element failed to resonate with fans. As a result, LIV Golf has been forced to change its format and has only recently become accredited by the OWGR, but given the lack of increased interest in the league, it seems like a move too little, too late.
What happens to the best players at LIV Golf?
Two-time U.S. Open champion DeChambeau and two-time major champion Rahm are the two biggest players signed to LIV Golf, but they are also joined by other burgeoning talents such as Joaquin Niemann and Tyrrell Hatton. (Five-time major champion Brooks Koepka and 2018 Masters champion Patrick Reed recently left the league for the PGA Tour and DP World Tour, respectively.)
The PGA Tour has already shown a desire to create a path for its top stars to return. However, it did so while considering the feelings and perspectives of its members, many of whom turned down contracts with LIV Golf, rejecting the idea of getting rich faster in order to remain loyal and continue playing in the United States.
With DeChambeau and Rahm turning down the opportunity to line up with Koepka this offseason, LIV Golf will have to reevaluate its process if it shuts down. Koepka’s contractThe PGA Tour said it was billed as an “unprecedented” one-time offer, which included a $5 million charitable contribution, five years of disqualification from the Player Equity Program and no FedEx Cup payments for the first year.
DeChambeau was also part of a group that filed an antitrust lawsuit against the PGA Tour after defecting to LIV Golf. Although the lawsuit was ultimately dropped, it led to heightened tensions between the teams, with PGA Tour CEO Brian Rolup telling the Journal that “scar tissue” would be a factor.
“There were rules, but they were being broken,” Lollup said. “Rules come with responsibility.”
These players, who may lose their homes, will have no leverage in negotiations with the PGA Tour, putting them in a difficult negotiating position.
One option would be for the PGA Tour to offer him the same contract Reed received. He will be suspended for one year and will have to regain his status through major championships and DP World Tour matches. DeChambeau and Rahm have won majors within the past five years, so they will maintain full-time status upon their return, but the road to reconciliation may not be as smooth as it was for Koepka and Reed.
“I don’t necessarily have scar tissue, but there are a lot of people around our tour who do,” Lorup added. “That has to be explained somehow.”
For non-star players, the path back to the PGA Tour will be even more difficult. The PGA Tour is already talking about trimming the field to boast stronger fields and create more “scarcity” at events starting in 2027, and status could become harder to achieve than ever, especially considering LIV golf players have no world ranking points and the PGA Tour has little incentive to support them.
“We are interested in acquiring the best players to help the tour,” Rolup explained frankly. “Not all players can do that.”
LIV Golf’s ambitious recruitment
When LIV Golf first started, some thought it posed an existential threat to the PGA Tour. With billions of dollars in support from Saudi Arabia, they aggressively pursued a number of top stars with nine-figure contracts. Greg Norman took charge of the operation, and Phil Mickelson became the public face of the league, which quickly sparked controversy.
Although LIV Golf was successful in recruiting some older players, it was only able to persuade a few top stars with the promise of guaranteed money and a shortened worldwide schedule.
Dustin Johnson was the first to sign, followed by DeChambeau, Koepka, Reed and Niemann. Cameron Smith left the PGA Tour shortly after winning his first major at the British Open in 2022, helping to give the league more legitimacy away from the accomplishments of Mickelson, Sergio Garcia, Henrik Stenson and Louis Oosthuizen.
The biggest shock came after the second season of LIV Golf. Rahm publicly denied any desire to join LIV when asked multiple times, but announced his move in a bizarre interview after withdrawing from the PGA Tour in December 2023 and reportedly receiving offers of more than $300 million.
Rahm’s move comes months after the infamous “framework agreement” was signed between PIF and PGA Tour Enterprises, which appeared to be a truce and signaled a potential merger was on the horizon. Years later, despite continued conversations and at least one White House meeting, the parties never approached.
Cracks are starting to appear…
LIV Golf’s façade began to crumble when Koepka abruptly announced his retirement in late 2025, a year before his contract expired. He was quickly recalled to the PGA Tour, and now that CEO Brian Rolup is at the helm, the circuit has indicated it is willing to negotiate with high-profile golfers who wish to return. Following Reid’s departure, other companies turned down similar offers, but LIV Golf continues to struggle to climb the rankings.
To satisfy top stars and better prepare players for the majors, LIV Golf expanded to a 72-hole event in 2026. However, while Rahm appreciated the move, DeChambeau was reluctant, saying it wasn’t what he signed up for. Retaining Rahm and DeChambeau is paramount for the league.
LIV Golf has had some success with on-site events in places like South Africa and Australia where the PGA Tour is not regularly held, but its global schedule and lack of star power means it has struggled to connect with fans who simply don’t see the product in droves.
