LIV Golf CEO Rallies Staff Amid Reports Saudi Arabia May Pull Funding After 2026 Season

LIV Golf CEO Scott O’Neil has sent an internal memo to staff urging them to “embrace the moment” and remain focused, following reports that Saudi Arabia’s Public Investment Fund (PIF) may cease bankrolling the breakaway golf league after the 2026 season. The memo, described as a rallying cry, comes at a critical juncture for the controversial tour, which has operated at substantial financial losses since its high-profile launch in 2022.

The reported potential withdrawal of Saudi funding represents perhaps the most existential threat LIV Golf has faced since its founding. The Public Investment Fund — Saudi Arabia’s sovereign wealth fund, which manages assets estimated at over $900 billion — has been the sole financial engine powering the league. LIV Golf attracted some of the biggest names in professional golf with massive guaranteed contracts, reportedly paying players like Phil Mickelson, Dustin Johnson, Cameron Smith, and Brooks Koepka contracts ranging from $100 million to over $200 million. The league’s 54-hole, no-cut, team-based format and $25 million purses per event were designed to disrupt traditional professional golf, but the venture has not come close to generating revenue sufficient to cover its enormous expenditures. Without a lucrative broadcast deal comparable to the PGA Tour’s estimated $6.8 billion media rights agreement spanning 2025 to 2033, LIV Golf has relied almost entirely on PIF’s funding to remain operational.

Scott O’Neil’s appointment as CEO in late 2023, replacing the polarizing Greg Norman, was widely viewed as a pivot toward business credibility and commercial sustainability. O’Neil, a former CEO of Harris Blitzer Sports & Entertainment — which oversaw the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils — brought significant sports business experience. His internal memo reportedly urged staff not to be distracted by external noise and to focus on building the brand, growing fan engagement, and demonstrating LIV Golf’s value proposition. The tone of the memo suggests leadership is aware that the clock may be ticking on guaranteed Saudi support, and that the league needs to demonstrate it can stand on its own financially — or at least show enough promise to justify continued investment. Industry analysts have pointed out that Saudi Arabia’s broader “Vision 2030” strategy, spearheaded by Crown Prince Mohammed bin Salman, involves diversifying the kingdom’s economy beyond oil through sports, entertainment, and tourism, but that patience for ventures that don’t show returns is not unlimited. The PIF has made massive investments in soccer (Newcastle United), Formula 1, boxing, tennis, and esports, and some observers note that the fund may be reassessing which sports investments offer the best return on its strategic goals.

The potential end of Saudi funding after 2026 raises several critical questions for the future of professional golf. If LIV Golf folds or is absorbed into a reformed structure, what happens to the contractual obligations to players? Could a funding withdrawal accelerate a merger deal, with the PGA Tour gaining significant leverage at the negotiating table? Alternatively, could LIV Golf seek alternative investors or sponsors to replace PIF’s backing? The coming months will be pivotal, as the 2025 LIV Golf season is already underway, and the league’s ability to attract sponsors, grow viewership, and demonstrate commercial viability will likely determine whether Saudi Arabia extends its commitment — or walks away from one of the most expensive experiments in the history of professional sports.

For players who left the PGA Tour for guaranteed LIV money, the stakes are particularly personal. Many sacrificed their eligibility for major championships, Ryder Cup participation, and legacy considerations. While some have since been allowed back into certain major championships, the long-term career implications remain uncertain. If LIV Golf ceases to exist, some players may attempt to return to the PGA Tour — a prospect that would raise complex questions about reinstatement terms and competitive fairness.