LIV Golf appoints independent board, targets new investors after loss of Saudi backing

NEW YORK – LIV Golf moved quickly to establish a new direction on April 30 after confirmation that Saudi backing for the rebel circuit is set to end, announcing a new board and the search for new “long-term financial partners”.

Sources at LIV told Reuters on April 29 that Saudi Arabia’s Public Investment Fund (PIF) would be cutting funding, which has totalled more than US$1 billion (S$1.28 billion) a year since 2022, at the close of the league’s 2026 season.

Without any mention of PIF or Saudi Arabia, LIV on April 30 announced a “transition from a foundational launch phase to a diversified, multi-partner investment model” and a new independent board led by seasoned business consultants Gene Davis and Jon Zinman.

“LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent and demonstrated commercial momentum,” Davis, who will chair the board, said in a statement.

“The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalise its structure, attract and secure long-term capital, and position the business for growth.”

There was also no mention of PIF governor Yasir Al-Rumayyan, who co-founded LIV, and is a member of the board.

LIV described Davis and Zinman as “seasoned experts with proven track records of navigating complex situations and unlocking value for global organisations” adding that they would “guide the league through its next phase”.

Reports first emerged earlier in April that the breakaway tour was on the verge of collapse due to the possible withdrawal of Saudi financing.

LIV’s deep-pocketed backers in Riyadh were rumoured to have cooled on the extravagantly expensive project, which has reportedly cost them over US$5 billion so far.

LIV CEO Scott O’Neil then refuted the reports, vowing to continue the season “full throttle”, though he conceded the league would “probably” have to raise money going forward.

A collapse of the league could jeopardise the careers and earnings of its star players.

LIV turned the golf world upside down in late 2021 when, armed with PIF’s billions, it enticed some of the game’s biggest names to defect from the long-established PGA Tour.

Major winners Bryson DeChambeau, Jon Rahm, Phil Mickelson, Dustin Johnson, Brooks Koepka and Patrick Reed were all recruited to play team golf around the world for millions in prize money.

The circuit will now need to convince its big-name players, who are on highly lucrative contracts, of LIV’s long-term viability without Saudi backing.

Some players have already decided to return to the PGA Tour.

Five-time Major winner Koepka rejoined as part of a limited returning member programme in 2026 and former Masters champion Reed plans to reinstate his membership for the 2027 season.

While Koepka was welcomed back, the likes of DeChambeau defected from the PGA Tour in acrimonious circumstances, and may face severe penalties if they try to return.

“There were rules, and they were broken,” PGA Tour chief executive Brian Rolapp told the Wall Street Journal this week. “With rules comes accountability.”

Meanwhile, LIV said the league had posted a 100 per cent increase in revenue year-on-year this season and was convinced the team golf model would be highly attractive to investors.

“We are now leveraging this momentum to engage in constructive, forward-looking discussions with prospective global investors and partners who share our vision for an inclusive and modernised game,” the league added.

“For our fans, players and partners, our commitment to world-class golf remains unchanged as this process unfolds.”

In the immediate future, LIV this week postponed its planned June tournament in New Orleans on April 28, with officials saying they hope to reschedule an event for later in 2026.

LIV’s next tournament is set for May 7 to 10 at Trump National in Washington, DC. Its final scheduled tournament this season is set to take place in Indianapolis, Indiana, from Aug 20 to 23. REUTERS, AFP