59 mins ago - Business

LIV Golf reportedly loses Saudi funding as tour's future looks murky

Nathan Bomey

Golfer in a blue polo and white cap points with his gloved hand during a sunny outdoor golf event, with a crowd watching in the blurred background. — LIV Golf player Bryson DeChambeau on the second green during Day 1 of the tour's event in Mexico City on April 16. Photo: Hector Vivas/Getty Images

The Saudi sovereign wealth fund is ending funding for LIV Golf after this season, according to multiple reports.

Why it matters: The Public Investment Fund's decision places the lucrative golf tour in serious jeopardy of dissolving four years after it launched as a well-capitalized competitor to the PGA Tour.

Driving the news: LIV "plans to tell players and staff by Thursday" that the Public Investment Fund "will no longer bankroll the circuit after this season," WSJ first reported Wednesday.

CNBC also reported PIF is pulling LIV funding.
Representatives of PIF and LIV did not immediately respond to requests for comment.

The big picture: The move has been rumored for weeks after PIF revealed a new investment strategy through 2030 focused on "sustained value creation" and "raising the efficiency of investments."

It raises immediate questions about the status its leading players, including major winner Bryson DeChambeau, one of the game's most popular players.

State of play: LIV lured a slew of PGA players with guaranteed salaries and massive prize pools, but the league hasn't generated a significant TV audience or fan following.

Responding to rumors of PIF withdrawing and the league collapsing, LIV Golf CEO Scott O'Neil said earlier this month that the tour woudld "work like crazy to create a business plan to keep us going."

Add Axios on Google

LIV Golf reportedly loses Saudi funding as tour's future looks murky

What to read next