LIV Golf, which debuted in June 2022, intended to shake up and compete with professional golf’s established framework, establishing an alternative circuit to the PGA Tour with the goal of attracting elite players to reshape the sport. Now, four years subsequent, this league, entirely backed by Saudi Arabia’s Public Investment Fund, appears close to financial collapse.
Players and personnel of LIV Golf are slated to be notified on Thursday that the PIF plans to cease its financial support for the organization following the 2026 season, thus concluding its significant investment of over $5 billion into the circuit since its inception, as reported by the Wall Street Journal and CNBC.
Yasir Al-Rumayyan, who holds the position of PIF chairman and also chaired the LIV Golf board, resigned from his duties with LIV Golf on Wednesday, based on information from Sports Business Journal.
Currently, Saudi Arabia is reassessing its considerable monetary allocations within the sports sector, a process occurring amidst the continuous tensions between the United States and Iran.
Although LIV Golf CEO Scott O’Neil initially refuted claims that the PIF was ending its substantial multi-billion dollar funding, stating just two weeks prior that the league had secured financing through its 2026 season, the golf circuit must now confront its current circumstances while planning for what lies ahead.
LIV Golf has already rescheduled its forthcoming competition in New Orleans, and it is now imperative for the organization to secure benefactors prepared to inject considerable capital to sustain operations past 2026 and into subsequent years.
Given the league’s challenges in attracting a broad fan base and its failure to produce significant media rights income or viewership figures, convincing financial supporters to underwrite multi-million dollar guaranteed agreements and substantial prize funds will prove challenging. Nevertheless, LIV Golf reportedly intends to explore various strategic options instead of ceasing operations, even if it’s difficult to see how such measures could enable the league to keep prominent figures like Jon Rahm and Bryson DeChambeau.
Consequently, LIV Golf’s longevity is now uncertain, following numerous unsuccessful attempts to sign leading PGA Tour athletes and cultivate a significant following. While the PGA Tour integrated private capital and boosted prize money for its premier events, LIV Golf faced difficulties in drawing star talent beyond its initial high-profile acquisitions, all while incurring substantial financial losses.
Annual deficits have been approximated between $500 million and $600 million; however, LIV Golf is projected to enhance its revenue forecast by $100 million in 2026, having secured several brand collaboration agreements, as per CNBC.
Detractors have labeled LIV Golf as a tool for Saudi Arabia’s “sportswashing” efforts, a venture designed to enhance the nation’s international image despite ongoing allegations of human rights violations and malfeasance. Supporters, conversely, claimed it was innovating the sport of golf by presenting a distinct product with a novel competition structure.
Nonetheless, LIV Golf did not secure acknowledgment from the Official World Golf Rankings, the sport’s leading assessment organization, owing to its 54-hole, shotgun-start, no-cut format, and its team-based competition aspect did not resonate with spectators. As a result, LIV Golf was compelled to modify its structure and only lately gained OWGR approval, adjustments that seem insufficient and belated, considering the league’s failure to expand its fan engagement.
What fate awaits LIV Golf’s premier athletes?
DeChambeau, who has triumphed twice at the U.S. Open, and Rahm, a two-time major tournament victor, represent the most prominent figures currently signed to LIV Golf, alongside other rising stars such as Joaquín Niemann and Tyrrell Hatton on the tour. (Brooks Koepka, a five-time major champion, and Patrick Reed, the 2018 Masters winner, recently moved from the league to the PGA Tour and DP World Tour, in that order.)
The PGA Tour has previously demonstrated an openness to facilitating comebacks for leading players; yet, this was executed with careful consideration for the sentiments and viewpoints of its members, many of whom rejected the rapid wealth-building opportunity of joining LIV Golf to uphold their allegiance and continue competing domestically.
Since DeChambeau and Rahm opted not to depart with Koepka during the recent offseason, the framework for their potential return would necessitate reconsideration if LIV Golf were to cease operations. Koepka’s arrangement, which involved a $5 million contribution to charity, a five-year exclusion from the Player Equity Program, and no FedEx Cup earnings in his initial year back, was characterized by the PGA Tour as a singular proposition “not setting a precedent.”
DeChambeau had also participated in a collective action that initiated an antitrust claim against the PGA Tour subsequent to his move to LIV Golf. Although this legal challenge was eventually withdrawn, it resulted in heightened friction between the parties, and Brian Rolapp, CEO of the PGA Tour, informed the Journal that lingering “scar tissue” would play a role.
“Regulations existed, and they were violated,” Rolapp stated. “Accountability accompanies regulations.”
These athletes, potentially without a circuit, would possess no negotiating power in discussions with the PGA Tour, placing them at a significant disadvantage during bargaining.
A possible alternative for the PGA Tour might involve extending the same agreement granted to Reed: undergo a one-year ban and recover tour privileges through major championships and DP World Tour events. DeChambeau and Rahm would maintain full membership upon their return, given their major victories in the past five years, but their reintegration might not proceed as seamlessly as for Koepka and Reed.
“While I personally may not harbor lingering resentment, many individuals within our tour certainly do,” Rolapp further commented. “This factor must be acknowledged and addressed in some manner.”
For golfers who are not major stars, the journey to rejoining the PGA Tour will be considerably tougher. As the PGA Tour is already discussing reducing participant numbers and fostering greater “exclusivity” in tournaments to feature more competitive lineups from 2027 onwards, securing a spot might be harder than ever, particularly since LIV Golf competitors possess no world ranking points and the PGA Tour has minimal motivation to assist them.
“Our interest lies in engaging the top players who can benefit our circuit,” Rolapp frankly stated. “Not all athletes possess that capability.”
LIV Golf’s bold talent acquisitions
At its inception, LIV Golf was perceived by some as posing an existential danger to the PGA Tour. Supported by billions in funding from Saudi Arabia, the league aggressively sought numerous elite golfers with highly profitable, nine-figure contracts. Greg Norman spearheaded this initiative, while Phil Mickelson emerged as the league’s prominent spokesperson, instantly sparking contention.
Although LIV Golf managed to successfully attract a number of veteran players, it only enticed a handful of premier athletes with assurances of guaranteed income and a condensed international calendar.
Dustin Johnson was one of the initial signatories, subsequently joined by DeChambeau, Koepka, Reed, and Niemann. Cameron Smith moved from the PGA Tour soon after securing his first major title at the 2022 Open Championship, thereby bolstering the league’s credibility beyond the established reputations of Mickelson, Sergio Garcia, Henrik Stenson, Louis Oosthuizen, and others.
The most significant impact occurred following LIV Golf’s second season when Rahm, despite repeatedly and publicly disavowing any interest in joining LIV, abandoned the PGA Tour in December 2023, declaring his transition during a peculiar interview after reportedly being presented with an offer exceeding $300 million.
Rahm’s departure transpired several months after a widely known “framework agreement” was reached between the PIF and PGA Tour Enterprises, which initially seemed like a truce, suggesting a possible consolidation was imminent. Yet, years later, even with ongoing discussions and at least one meeting at the White House, the two entities failed to achieve a closer alignment.
Signs of weakness emerged …
LIV Golf’s outward appearance started to deteriorate in late 2025 when Koepka unexpectedly declared his exit a year prior to his contract’s conclusion. The PGA Tour swiftly welcomed him back, indicating the circuit’s increased readiness to engage in discussions with prominent players seeking to rejoin, especially with Brian Rolapp now serving as CEO. Reed’s departure subsequently occurred, and although other players turned down comparable proposals, LIV Golf persistently faces challenges in expanding its roster.
In an effort to satisfy its star players and enhance their readiness for major championships, LIV Golf extended its tournaments to 72-hole formats in 2026. Nevertheless, while Rahm welcomed this alteration, DeChambeau expressed dissatisfaction, stating it deviated from his original agreement. Retaining Rahm and DeChambeau remains paramount for the league’s survival.
LIV Golf has organized a few successful tournaments at specific venues, such as those held in South Africa and Australia, regions not typically frequented by the PGA Tour. However, its international calendar and a perceived deficit of star appeal have made it difficult for the league to resonate with spectators, who, in large numbers, simply aren’t tuning in to watch the events.
