LIV Golf reassures players over Saudi withdrawal rumours

LOS ANGELES – LIV Golf has moved to reassure players and staff that it remains fully funded, as reports circulated on April 15 that the breakaway tour is on the verge of collapse due to the possible withdrawal of Saudi Arabian financing.

The Saudi-backed tour has bitterly divided the world of golf since its 2022 launch, when several of the sport’s biggest names were lured to defect from the traditional PGA and DP World tours with huge-money deals.

Rumours have mounted in recent days that LIV Golf’s deep-pocketed backers in Riyadh, the Public Investment Fund (PIF), have cooled on the extravagantly expensive project, which has reportedly cost them over US$5 billion (S$6.36 billion) so far.

And multiple outlets including the Financial Times, New York Times and Wall Street Journal reported on April 15 that the near-US$1-trillion Saudi sovereign wealth fund PIF’s withdrawal was imminent, all citing anonymous sources.

But a “high-ranking” league source told bunkered.co.uk that “funding and operations for LIV Golf are continuing as planned” for at least the remainder of the 2026 schedule. 

“I want to be crystal clear: Our season continues exactly as planned, uninterrupted and at full throttle,” LIV Golf chief executive Scott O’Neil wrote in an e-mail to staff, including players.

“While the media landscape is often filled with speculation, our reality is defined by the work we do on the grass. We are heading into the heart of our 2026 schedule with the full energy of an organisation that is bigger, louder and more influential than ever before.”

O’Neil’s missive came as players assembled in Mexico City ahead of this week’s LIV event, where tour organisers were presenting a business-as-usual front.

The tour posted first-round tee times as usual and even poked fun at the rumours on social media.

“Slow news day? We are ON,” said one post, alongside an image with the words “BREAKING NEWS. TUNE IN TOMORROW” and the Mexico City tournament’s starting times.

“LIV Golf funding and operations are continuing as planned,” sources familiar with the tour’s workings told AFP, pointing to a doubling in tour revenue from 2024 to 2025 and recent record attendances in Australia and South Africa.

Despite the big crowds in those two nations, LIV does not have major TV rights deals – which is typically seen as the backbone of professional sport.

But Britain’s Telegraph newspaper reported that LIV Golf executives had been called into a meeting in New York to discuss the potential fallout from a withdrawal of Saudi funding.

Speculation about the future of LIV comes as the PIF on April 15 unveiled its plans for the next four years, with a major focus on domestic strategy.

The importance of funding a golf league dropped even further in importance following the US-Israel war against Iran that saw Gulf nations bear the brunt of the Islamic republic’s attacks.

Initially, Saudi Arabia viewed its sports assets as cultural, political and social holdings that could help the country quickly expand its influence.

The Saudis have been keen for LIV to continue in some form, especially after sinking so much money into it, but are unwilling to keep funding the competition indefinitely if it keeps up its rate of losses, people with direct knowledge of the PIF’s strategy said earlier in 2025.

O’Neil told the Financial Times in February the tour would not be profitable for another five to 10 years. The BBC reported that LIV had lost over US$1.1 billion since it was established in 2021.

Over the past year, the PIF has switched to treating its sports holdings, including ownership of English football club Newcastle United, as investments that need to make a return, according to a person familiar with the matter.

Even before the war, Saudi Arabia’s economic reforms were coming under pressure, with persistently low oil prices in recent years shrinking government revenues.

Cracks have appeared in LIV Golf’s player roster, as five-time Major winner Brooks Koepka and former Masters champion Patrick Reed have recently ditched LIV for returns to the PGA Tour.

If the LIV Golf tour were to cease operations, it is not clear how it would affect its remaining players.

The Athletic reported that high-level LIV Golf executives are in meetings about the tour’s next steps while also beginning their own job searches.

LIV star Sergio Garcia told a press conference in Mexico City that players “haven’t heard anything” since the start of 2026, when PIF governor and LIV Golf chairman Yasir Al-Rumayyan told golfers “that he’s behind us, that they have a long-term project”.

In his letter, O’Neil did not directly dispute the rumours of a Saudi withdrawal, but said “the life of a start-up movement is often defined by these moments of pressure”.

“We signed up for this because we believe in disrupting the status quo,” wrote the executive. “We are pioneers, and while the road isn’t always smooth, the destination is worth every mile,” he added.

Despite introducing innovations like the franchise team model and shotgun starts, the league struggled to secure consistent television viewership and widespread mainstream acceptance. 

LIV took its name from the Roman numerals for 54 – the number of holes played in its events, as opposed to the traditional 72 in PGA Tour tournaments. But in 2026, it switched to 72 holes, so players can qualify for Official World Golf Ranking points, which the 54-hole format had precluded. 

“They’ve now switched from 54 holes to 72 holes to get world ranking points, so it’s like, you’re just doing what everyone else is doing,” Masters winner Rory McIlroy said in January. “So, what’s different, you know, apart from the money?” AFP, REUTERS, BLOOMBERG