April 30 (Reuters) - LIV Golf moved quickly to establish a new direction on Thursday after confirmation that Saudi backing for the rebel circuit is set to end, announcing a new board and the search for new long-term financial partners.
Sources at LIV told Reuters on Wednesday that Saudi Arabia's Public Investment Fund (PIF) would be cutting funding, which has totalled more than $1 billion a year since 2022, at the close of the league's 2026 season.
Without any mention of PIF, LIV on Thursday announced
a "transition from a foundational launch phase to a diversified, multi-partner investment model" and a new independent board led by seasoned business consultants Gene Davis and Jon Zinman.
"LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum," Davis, who will chair the board, said in a statement.
"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."
LIV turned the golf world upside down in late 2021 when, armed with PIF's billions, it enticed some of the game's biggest names to defect from the long-established PGA Tour.
Major winners Bryson DeChambeau, Jon Rahm, Phil Mickelson, Dustin Johnson, Brooks Koepka and Patrick Reed were all recruited to play team golf around the world for millions of dollars in prize money.
The league will now need to convince its big-name players, who are on highly lucrative contracts, of LIV's long-term viability without the Saudi backing.
Some players have already decided to return to the PGA Tour.
Five-times major winner Koepka rejoined as part of a limited Returning Member Program this year and former Masters champion Reed plans to reinstate his membership for the 2027 season.
LIV said the league had posted a 100% increase in revenue year-on-year this season and was convinced the team golf model would be highly attractive to investors.
"We are now leveraging this momentum to engage in constructive, forward-looking discussions with prospective global investors and partners who share our vision for an inclusive and modernized game," the league said.
"For our fans, players and partners, our commitment to world-class golf remains unchanged as this process unfolds."
(Reporting by Nick Mulvenney in Sydney; Editing by Peter Rutherford)
