Saudi Arabia's Public Investment Fund, which is pulling funding from LIV Golf after this year, has only provided a third of what the circuit requires to make it through the rest of this season, the Financial Times reported Thursday.
LIV Golf needs $600 million to cover the remainder of the 2026 schedule, per the report. The PIF paid $66 million in early May and $130 million in early June, according to the report.
The PIF declined to comment on the Financial Times' report other than to refer to its
statement from April that "the substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF's investment strategy."
The money behind LIV and its big player contracts and tournament paydays, the PIF announced in April that it would bankroll LIV only through the 2026 season. It has put an estimated $6 billion toward the league so far.
LIV Golf CEO Scott O'Neil was interviewed Tuesday on CNBC Tuesday and said the league trusted the PIF would fund the league through this year.
"I can say they've been terrific partners so far, and you have to take an incredible organization like PIF at their word," O'Neil said. "They've been very public about funding us through the season, so we are full steam ahead."
O'Neil was pressed on recent reports that LIV's final four events this season may not go on as planned as PIF ponders pulling its funding even sooner. One tournament, LIV Golf Louisiana, was scheduled for the final week of June but was postponed not long after the initial news broke about PIF's pullout.
With PIF backing away and its governor Yasir Al-Rumayyan stepping down as LIV Golf's chairman, the league has begun wooing new investors, reportedly seeking around $250-350 million in investment capital to kickstart a "LIV 2.0" plan.
O'Neil, a longtime sports executive in his second year as LIV's CEO, was asked directly whether he could guarantee the final four events in England, New Jersey, Indianapolis and Michigan will take place this summer.
"What I can guarantee is a heck of a return if you come invest in this business," O'Neil replied.
LIV is on a 47-day break to accommodate the U.S. Open and The Open Championship, and the league could look different -- or not return -- after that break, Front Office Sports reported earlier this week. The circuit is set to return at LIV Golf UK from July 23-26.
"Every remaining tournament is on the fence," an executive with one of LIV's partners told the outlet.
"I truly don't think anyone knows," the executive continued. "LIV Golf doesn't know if or when the PIF will shut off the spigot."
LIV is trying to hold on through 2026 and reboot next year without Saudi involvement. It's making pitches to potential investors and partnering with an investment banking adviser. It also is pinching pennies, where possible, and designing a plan to lower event purses.
--Field Level Media
