Saudi Sovereign Wealth Fund to Halt Funding for LIV Golf

The Public Investment Fund (PIF) of Saudi Arabia is withdrawing from LIV Golf.

On April 29 (local time), The Wall Street Journal exclusively reported, citing sources familiar with the matter, that LIV Golf will notify players and staff of the suspension of funding from the PIF by the end of this month.

Launched in 2021 with backing from Saudi Arabia, LIV Golf attracted attention by recruiting top-ranked global players and introducing a different competition format from the PGA Tour. In the early stages, it experimented with a 54-hole, three-round format instead of the traditional 72-hole play. The league also broke with golf tradition by allowing athletes to wear shorts.

Reports have emerged that the Saudi Arabian Public Investment Fund (PIF) is withdrawing from LIV Golf. Photo by Yasir Al Rumayyan, PIF Governor. AFP·Yonhap News

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However, despite pouring approximately $5 billion (about 7.44 trillion won) into the league over the past four years, LIV Golf has faced difficulties due to low attendance and poor TV ratings. There have also been tensions between players who left the PGA Tour for LIV Golf and those who remained with the PGA. Some players who had been active with LIV Golf, such as Brooks Koepka and Patrick Reed (both from the United States), have announced their return to the PGA Tour.

Since the beginning of this year, there have been repeated reports that the PIF would soon halt its financial support, but LIV Golf has consistently denied these claims. LIV Golf indefinitely postponed its tournament scheduled for June in New Orleans, Louisiana, United States, citing unclear reasons. While LIV Golf attributed the postponement to high temperatures and low attendance and TV ratings due to the FIFA World Cup, no World Cup matches are scheduled to be held in New Orleans.

Bloomberg and other outlets reported that, in connection with The Wall Street Journal's article, they had requested a comment from LIV Golf but had not yet received a response. Bloomberg also predicted that Saudi Arabia, having been impacted by the ongoing war in Iran, would shift its sports investment toward other, more profitable sectors.

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