{"id":641840,"date":"2026-05-01T03:17:15","date_gmt":"2026-05-01T03:17:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/641840\/"},"modified":"2026-05-01T03:17:15","modified_gmt":"2026-05-01T03:17:15","slug":"saudi-arabia-public-investment-fund-statement-on-future-after-us5-billion-investment-president-donald-trump-reaction-video-pga","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/641840\/","title":{"rendered":"Saudi Arabia Public Investment Fund statement on future after US$5 billion investment, President Donald Trump, reaction, video, PGA"},"content":{"rendered":"

Saudi Arabia\u2019s Public Investment Fund (PIF) is cutting funding for the breakaway LIV Golf league after the 2026 season<\/a>, a spokesperson from the fund told AFP on Thursday. <\/p>\n

The announcement came hours after LIV Golf, founded in 2021 as a rival to the PGA Tour, said it was seeking to secure \u201clong-term financial partners\u201d. <\/p>\n

It has reportedly cost PIF over $5 billion (AU$7 billion) so far to operate the series after signing many of the world\u2019s top players including Major winners Bryson DeChambeau and Spaniard Jon Rahm. <\/p>\n

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Saudi\u2019s powerful wealth fund, however, said funding for the project would be axed as PIF looked to pare back a string of projects in the kingdom with the war in the Middle East raising fresh speculation about investment priorities moving forward. <\/p>\n

\u201cPIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,\u201d a spokesperson for the fund said in a statement provided to AFP. <\/p>\n

\u201cThe substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF\u2019s investment strategy.\u201d<\/p>\n

The spokesman went on to say the decision had been made in light of \u201cPIF\u2019s investment priorities and current macro dynamics\u201d. <\/p>\n

LIV said earlier Thursday it was searching for new financial backers. The golf league said it was looking to secure \u201clong-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model\u201d.<\/p>\n

There was also no mention in the LIV statement of PIF governor Yasir Al-Rumayyan, who co-founded the dissident league. <\/p>\n

The statement simply mentioned two new board members, Gene Davis and Jon Zinman, had joined.<\/p>\n

LIV Golf described the duo as \u201cseasoned experts with proven track records of navigating complex situations and unlocking value for global organisations, to guide the league through its next phase\u201d.<\/p>\n

Jon Rahm.Source: AP<\/p>\n

The PIF statement confirmed rumours, which had circulated for several weeks, that the breakaway tour was on the verge of collapse due to the possible withdrawal of the Saudi financing. <\/p>\n

LIV\u2019s deep-pocketed backers in Riyadh were rumoured to have cooled on the extravagantly expensive project.<\/p>\n

LIV Golf CEO Scott O\u2019Neil vowed prior to the announcement to continue the season \u201cfull throttle,\u201d though he conceded the league would \u201cprobably\u201d have to raise money going forward. <\/p>\n

A collapse of LIV Golf could jeopardise the careers and earnings of its star players. <\/p>\n

The likes of DeChambeau defected from the PGA Tour in acrimonious circumstances, and may face severe penalties if they try to return. <\/p>\n

\u201cThere were rules, and they were broken,\u201d PGA Tour chief executive Brian Rolapp told the Journal this week.<\/p>\n

\u201cWith rules comes accountability.\u201d<\/p>\n

Brooks Koepka became the first LIV player to return to the PGA fold when the five-time major winner jumped ship last December. <\/p>\n

The 35-year-old American\u2019s return was made possible as the PGA created a Returning Member Program, described as offering \u201ca route back to elite performers who no longer have contractual limitations preventing them from complying with PGA Tour rules and regulations\u201d.<\/p>\n

Speaking on the Dan Patrick Show, golf reporter Brandel Chamblee said: \u201cThese players are only coming back when LIV folds at the end of this year, they\u2019ll only be coming back because they have no other choice.<\/p>\n

\u201cI think the road back will be quite a bit bumpier and more expensive.<\/p>\n

\u201cThey were paid exponential amounts of money to go play for LIV, (now) they\u2019re going to have to pay to come back and play on the PGA tour.\u201d<\/p>\n

On the Pat McAfee Show, golf journalist Mark Schlabach added: \u201cThey tried to reinvent a 200 year old sport with a checkbook.<\/p>\n

\u201cThe PGA Tour obviously has all the leverage right now. I think there\u2019s still some hard feelings on that side.<\/p>\n

\u201cI\u2019ve had people in the last 24 hours tell me, \u2018Screw those guys, we don\u2019t care who they are.\u2019\u201d<\/p>\n

Asked about the LIV situation at the Miami Championship on Thursday, four-time major winner Scottie Scheffler replied: \u201cI just got off the golf course. I don\u2019t know what you want from me.\u201d<\/p>\n

American golfer Jordan Spieth added: \u201cThere\u2019s just too many unknowns for me to have a good gauge on what would happen. But if there\u2019s a system for Brooks and a system for Patrick Reed, does that stay the same for guys in the same category as those two or does it change now? Does it change for guys who sued and dropped their membership?<\/p>\n

\u201cI trust the guys that are in that room to make the right decision.\u201d<\/p>\n

Elsewhere, ESPN presenter Stephen A. Smith cast blame back on the PGA for their mistreatment of the golfers, pleading for the returning athletes not to be punished in a trademark rant.<\/p>\n

\u201cThey should not be punishing anybody,\u201d Smith said.<\/p>\n

\u201cIt was their negligence, it was their abuse, it was their taking golfers for granted that forced the existence of LIV to begin with.<\/p>\n

\u201cI don\u2019t want to be hear anything about punishment. They should be embraced, they should be accepted.\u201d <\/p>\n

Even United States President Donald Trump weighed in on the ongoing drama.<\/p>\n

\u201cI do believe that all of the golfers should be playing against each other. They were viewing something as a monopoly, but it\u2019s swaying away. It should be the opposite of a monopoly,\u201d he told reporters inside the Oval Office.<\/p>\n

\u201cI want to see Rory playing Bryson DeChambeau. I want to see big Jon Rahm playing Scottie.<\/p>\n

\u201cThey have great players on LIV, but it\u2019s almost like people want to see that. That\u2019s why the Masters was so good, because you saw everybody together.\u201d<\/p>\n

The president, a golf enthusiast who hosted leaders from the PGA Tour and then-LIV Golf chairman Yasir Al-Rumayyan at the White House last year, predicted that LIV Golfers would be welcomed back to the PGA Tour \u201cbecause they\u2019re great\u201d.<\/p>\n

\u201cThere\u2019s something nice about all of the players playing together. Now they\u2019ll all be accepted by the tour, there\u2019s no question, because they\u2019re great,\u201d Trump said.<\/p>\n

\u201cThe tour wants to have the best players.<\/p>\n

\u201cThey\u2019ll all be back on tour, and it\u2019ll be great.\u201d<\/p>\n

LIV Golf postponed its planned June tournament in New Orleans on Tuesday, with officials saying they hope to reschedule an event for later this year. <\/p>\n

LIV\u2019s next tournament is set for May 7-10 at Trump National in suburban Washington.<\/p>\n

Its final scheduled tournament this season is set to take place in Indianapolis from August 20-23.<\/p>\n

Earlier this month, PIF announced its 2026-2030 strategy would reorganise the fund\u2019s investments.<\/p>\n

The announcement came as the kingdom and wider Middle East has been up ended by the ongoing war in the region.<\/p>\n

The Gulf was hit hard by Iranian barrages on infrastructure, including airports, energy installations and ports following the US and Israeli attack on Iran in late February. <\/p>\n

But even before the war, Saudi Arabia\u2019s economic reforms were coming under pressure, with persistently low oil prices in recent years shrinking government revenues and triggering deficit spending.<\/p>\n","protected":false},"excerpt":{"rendered":"Saudi Arabia\u2019s Public Investment Fund (PIF) is cutting funding for the breakaway LIV Golf league after the 2026…\n","protected":false},"author":2,"featured_media":641841,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[566],"tags":[64,63,755,85],"class_list":["post-641840","post","type-post","status-publish","format-standard","has-post-thumbnail","category-golf","tag-au","tag-australia","tag-golf","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/641840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=641840"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/641840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/641841"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=641840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=641840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=641840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}