Saudi Arabia will withdraw its multi-billion dollar backing of LIV Golf at the end of the season, plunging the future of the series into doubt.
On Thursday, the breakaway tour announced a “strategic evolution” – including a newly established independent board led by Gene Davis and Jon Zinman, who it says have “proven track records of navigating complex situations” – as it bids to find replacement financial investors.
Yasir Al-Rumayyan – the governor of the Saudi Public Investment Fund (PIF) – has stepped down from the board.
Al-Rumayyan co-founded LIV in 2021 and has been the tour’s most powerful figure.
PIF released a statement on Thursday stating that the “substantial investment” required by the event over a longer term is “no longer consistent with the current phase of PIF’s investment strategy”.
“LIV Golf has substantially grown the game globally through its transformational and positive impact. It has forever changed the game of golf for the better,” the statement read.
“PIF remains committed to deploying capital internationally in line with its investment strategy, including its substantial current and future investments in various sports.”