Saudi Arabia 'to pull funding from LIV Golf' in major blow to breakaway tour

Officials within the organisation are set to announce their new strategy and board members on Thursday afternoon, following weeks of speculation.

Sources close to the operation believe Yasir Al-Rumayyan, the PIF governor and LIV Golf chairman, will be one of those leaving.

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Al-Rumayyan, who is also the Newcastle United chairman, has used his vast wealth to drive LIV Golf's growth, regarding it as his personal project.

His departure would break the Saudi link to the rebel golf circuit and bring an end to the fat cheques paid to the tour's players and staff.

Golfers have been informed that the money would be cut off at the end of this season, with a captains' call involving Bryson DeChambeau and Jon Rahm taking place on Tuesday.

Talks are now underway to find alternative funding, but if LIV does survive it be on a much smaller scale.

LIV’s chief executive Scott O’Neil is yet to confirm that PIF is pulling out, having only said so far that LIV is fully funded for 2026.

He has told investors that ten LIV teams will be profitable this year and the organisation is $100million (about £74million) up on last year’s revenue at this stage.

But hosting $30million events without Saudi backing seems incomprehensible.

PIF has invested about $5billion (£3.7billion) since the tour was launched four years ago.

It's creation ripped the sport in two, as several of the world best players defected and earned $100million for doing so.

Organisers sought to reinvent the tournament format, playing them over three rounds instead of four and introducing a team competition at each event.

But the events have failed to captivate golf fans and Saudi Arabia is now looking to pull away from the sport.

The cutbacks are part of the country's review into its sport's investments as it prepares to host the Fifa World Cup in 2034.

DeChambeau, the tour’s biggest star, is out of contract at the end of the year and had reportedly been seeking up to $500million (£370million) to sign a long-term extension.

LIV insiders claim most of their players do not want to return to the PGA Tour, as they would have to serve a year-long suspension dating from their final LIV event.

It would mean players such as Rahm, a European Ryder Cup stalwart, will have nowhere to play in 2027 unless he pays £2.5million in fines to the DP World Tour.

Some players, such as Koepka, have prepared their return to the PGA Tour if LIV folds completely at the end of the season.

Several other players will be seeking to negotiate with the PGA and DP World tours about the terms of their return.

A LIV event in Louisiana that was scheduled for June was postponed on Tuesday.

Problems with the LIV Gold tour first arose in October when its UK-registered company, LIV Golf Ltd, recorded hundreds of millions of pounds in losses in its annual accounts for 2024.

The company stated there was “a material uncertainty which may cast significant doubt over the group and parent company’s ability to continue as a going concern”.

Bosses at Saudi PIF had provided an "unconditional letter of support” which allowed the company to continue as a going concern, but the $462million worth of losses was on top of the $393million lost the year before.

Liv Golf's losses are likely to be even higher in 2025.

Greg Norman resigned as a director of the company in October, five days after the accounts were published.

He was followed by executive vice-president Tim Taylor.

LIV Golf Ltd was controlled by a company in Jersey, LIV Golf Investments Ltd, where company accounts contain minimal information, with the ultimate controlling entity being the Saudi PIF.