By Fatma Younis
LIV Golf is nearing collapse after Saudi Arabia's Public Investment Fund withdrew its funding, triggering bankruptcy proceedings and a mass exodus of players who have rejected a revamped tour proposal.
Saudi PIF Withdraws Funding
The PIF pulled its backing earlier this year, citing "macro dynamics" after investing more than £4 billion in the venture. LIV Golf filed for bankruptcy protection in September before securing £300 million in loans and investment from London-based BC Partners.
Players Reject Revamped Tour
BC Partners executive Ted Goldthorpe pitched a new-look LIV 2.0 tour at the final event in Indianapolis, but players including Jon Rahm, Lucas Herbert, Ian Poulter and Tyrrell Hatton quit the circuit. The proposed model required the tour to become self-sustaining, ending the guaranteed payouts that had defined LIV's first iteration.
Legal Action Over Severance
Around a dozen former players, among them Dustin Johnson and Bubba Watson, are pursuing the PIF for severance payouts worth more than $100 million. Johnson's lawyer David Cornwell said the PIF had abandoned LIV golfers after previously being an "honourable business partner."
Criticism of Sportswashing
Critics argue LIV Golf served primarily as a sportswashing vehicle for the Saudi regime, with the vast majority of its money flowing to already wealthy players rather than grassroots development. The league's manufactured team format lacked the historical resonance of established competitions such as the Ryder Cup.
Broader Warning for Sport
The collapse highlights a wider trend of traditional sports institutions selling stakes to outside investors, with similar pressures appearing in rugby, cricket, FIFA and the US Olympic Committee, which is reportedly seeking to sell a stake in Team USA ahead of the 2028 Los Angeles Games.
