The Saudi sovereign wealth fund is ending funding for LIV Golf after this season, according to multiple reports.
Why it matters: The Public Investment Fund's decision places the lucrative golf tour in serious jeopardy of dissolving four years after it launched as a well-capitalized competitor to the PGA Tour.
Driving the news: LIV "plans to tell players and staff by Thursday" that the Public Investment Fund "will no longer bankroll the circuit after this season," WSJ first reported Wednesday.
- CNBC also reported PIF is pulling LIV funding.
- Representatives of PIF and LIV did not immediately respond to requests for comment.
The big picture: The move has been rumored for weeks after PIF revealed a new investment strategy through 2030 focused on "sustained value creation" and "raising the efficiency of investments."
- It raises immediate questions about the status its leading players, including major winner Bryson DeChambeau, one of the game's most popular players.
State of play: LIV lured a slew of PGA players with guaranteed salaries and massive prize pools, but the league hasn't generated a significant TV audience or fan following.
- Responding to rumors of PIF withdrawing and the league collapsing, LIV Golf CEO Scott O'Neil said earlier this month that the tour woudld "work like crazy to create a business plan to keep us going."
