Is LIV on its last legs?
It appears that may be after a Financial Times report said LIV’s backer, the Public Investment Fund (PIF) of Saudi Arabia, was on the verge of ending its support.
On Wednesday, the publication said a decision on the kingdom’s future support could be made as early as Thursday. The PIF has already spent a reported $5 billion (U.S.) on the golf league, which debuted in June 2022. While it has gained some traction in international locations, it has yet to secure a place in the U.S. market where it has an awkward television contract with Fox.
Ending the golf circuit would have numerous effects, including putting a black mark on the record of Yasir al-Rumayyan, one of the top officials of the PIF and an avid golfer who was instrumental in getting LIV up and running.
There was also no information as to how shutting down LIV would affect players, such as Jon Rahm and Bryson DeChambeau. Would they be paid in full for hefty contracts they signed when they joined? Would they be able to rejoin either the PGA Tour or the DP World Tour and, if so, at what price?
Former LIV players Brooks Koepka and Patrick Reed recently moved back to the PGA Tour and were subject to some strict fines and detentions before being allowed to play. There are currently 57 players on LIV Golf including Richard T. Lee, the only Canadian. He joined just this year.
The PGA Tour and LIV had calmed the disagreements that saw them launch lawsuits against each other when LIV started. Still, they are still far from friendly. The four major championships, which are not run by the PGA Tour, had started to make limited provisions for LIV players to compete in their events. LIV players were also beginning to receive some Official World Golf Ranking points after moving from three rounds to four.
The news came as LIV was getting ready for an event being held in Mexico City. Players didn’t seem to have any knowledge of the possible shutdown and were preparing to play the first round of the tournament, which begins on Thursday.
The possible move on LIV came as the PIF announced a new five-year investment strategy that will tighten up where the fund spends its money. In the past, it has allocated large amounts to sporting events including Formula 1 races, tennis and European soccer.
Another factor in the strategy concerned the conflict going on the Middle East. The Financial Times quoted al-Rumayyan as saying: “Of course the war would add more pressure to reposition some priorities.”
For now, LIV Golf and its players await the news that could determine its future.
