(Photo credit: Reuters via Imagn Images)

LIV Golf plans to continue without the financial backing of Saudi Arabia's Public Investment Fund, touting '100% year over year' financial growth in 2026.

The Public Investment Fund (PIF) formally announced it would end financial support of LIV Golf at the end of the 2026 season.

'PIF has made the decision to fund LIV Golf only for the remainder of the 2026 season,' a PIF statement read Thursday. 'The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF's investment strategy. This decision has been made in light of PIF's investment priorities and current macro dynamics.'

Under a reshaped model, LIV established a new, independent board and envisions further commercial agreements to stabilize the intended PGA Tour competitor.

'LIV Golf is transitioning from a foundational launch phase to a diversified, multi-partner investment model, with a formal process underway to attract long-term financial partners,' the circuit said in a statement Thursday, hours after learning the financial underpinning from the PIF was ended.

Signs of a fracture in the PIF-LIV emerged earlier this year and simmered to the surface last week, when ESPN obtained an email LIV CEO Scott O'Neil sent to staff claiming the 2026 season will continue 'exactly as planned, uninterrupted and at full throttle.' He made no mention of LIV's future beyond 2026, however.

LIV said the new board will be headed by Eugene Davis, the Chairman and Chief Executive Officer of PIRINATE Consulting Group LLC and Jon Zinman, the founder and managing member of JZ Advisors LLC. They are tasked primarily with 'institutionalizing the league, formalizing its ownership structure, and evaluating the range of strategic opportunities,' LIV Golf said Thursday.

Founded in 2021, LIV Golf made its debut in June 2022 and used lavish, guaranteed contracts to lure dozens of stars like Dustin Johnson, Phil Mickelson, Jon Rahm and Bryson DeChambeau away from the PGA. PIF has provided LIV with more than $5 billion, but the league has reportedly lost millions of dollars per year. Earlier this month, Yasir Al-Rumayyan, PIF's governor and LIV's main financial backer, shared a plan for the kingdom to cut back on international investments and focus on more domestic projects.

DeChambeau, Cameron Smith and Rahm reportedly turned down the opportunity to return to the PGA Tour earlier this year. According to MSN.com, some LIV players have reached out to the DP World Tour.

--Field Level Media