Saudi Arabia’s lucrative venture into golf looks to be over after LIV Golf confirmed they need to find new funding and have had to revamp their board.
As detailed by Daily Mail Sport on Thursday morning, a statement was released at midday – with LIV vowing to continue despite losing its primary financial backer.
Formed in 2022, LIV Golf has been heavily backed to the tune of $6billion by the Saudis but with little return – while its competitors such as the PGA Tour and DP World Tour continue to thrive.
Despite the major setback, senior figures at LIV are bullish that fresh investors will be attracted to the table.
Thursday’s announcement confirmed that Saudi Public Investment Fund governor Yasir Al-Rummayan will be stepping down as LIV chairman, with a new board now led by Gene Davis and Jon Zinman.
The statement didn’t mention the Saudis’ departure but instead chose to focus on ‘securing long-term financial partners’.
Saudi Arabia’s involvement in LIV Golf appears to be over following Thursday’s announcement
Jon Rahm (left) and Dustin Johnson are among the golfers who joined LIV’s lucrative tour
‘LIV Golf, the global golf league blending world-class competition with entertainment and culture to grow the game worldwide, today announced new board appointments as the league focuses on securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model,’ their statement began.
‘This strategic evolution, accelerated by the league’s record-breaking performance in 2026, includes the appointment of a newly established independent board led by Gene Davis and Jon Zinman, seasoned experts with proven track records of navigating complex situations and unlocking value for global organizations, to guide the league through its next phase.
‘Mr. Davis and Mr. Zinman, working in lockstep with management, are focused on institutionalizing the league and evaluating the range of strategic opportunities that have emerged with the league’s rise.’
Speaking about the future, Davis insisted he sees nothing but a ‘clear opportunity’ to ‘position LIV Golf for future success’.
‘LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum,’ said Davis, who is chairman of their Independent Directors Committee.
‘The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalize its structure, attract and secure long-term capital, and position the business for growth while continuing to promote the game across the world. We look forward to positioning LIV Golf for future success.’
It is understood that captains in the league were briefed on Wednesday ahead of the announcement, following two weeks of frenzied speculation about the imminent threats to the future of LIV.
Although it is unlikely to be stated publicly at this stage, one of the survival measures believed to be under consideration is a possible reduction in the playing schedule from 14 tournaments. Such a cut might be essential in consideration of each event currently costing $30m in prize money alone.
LIV’s immediate future, and particularly the retention of Bryson DeChambeau, whose deal is up at the end of the current season, will be contingent on new money pouring in. Daily Mail Sport previously reported that they were looking to private equity to plug that immense shortfall left by the Saudis, with an internal conviction that it will be forthcoming.
Intriguingly, one senior LIV source believes lucrative new avenues will be opened via the removal of the Saudis from the equation owing to the Kingdom’s international reputation around human rights. Time will tell if that’s an excessively optimistic projection.
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