LIV Golf will look to restructure and seek new investment after its formerly deep-pocketed Saudi backers are pulling funding from the league at the end of the season, a senior source familiar with the situation told CNN Sports.
Yesterday, LIV made it official.
“LIV Golf, the global golf league blending world-class competition with entertainment and culture to grow the game worldwide, today announced new board appointments as the league focuses on securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model,” a LIV press release states.
The Saudi-backed circuit took aim at the PGA as the world’s preeminent destination for pro golf by luring some of the game’s top names with huge sums of money.
CNN Sports learned that, in the last two weeks, LIV told players and staff that PIF was withdrawing its backing at the end of the season.
The Wall Street Journal first reported Wednesday that funding is expected to be pulled from the league as early as Thursday. Meanwhile, the tour is still scheduled to play at the Trump National Golf Club in D.C. next week.
Most people just cut back on cable and expensive beer when times get tough, so this is a shock. What's next? Will Mohammed bin Salman sell his sports cars and switch to a used Prius? Are princes going to cut back to one wife? Stay tuned.
