Saudis now want sports to make money, clouding LIV Golf’s future

Saudi Arabia’s potential reversal on its costly golfing venture is part of a wider pullback on sports investing, as it looks to prioritize returns, rather than cultural influence.

LIV Golf, the upstart league that challenged the supremacy of the PGA Tour, has cost the Saudi Public Investment Fund over $5 billion since its launch in 2022. Despite that investment, LIV has struggled financially, citing challenges with low attendance and poor television viewership, and now PIF may cut its funding.

The appetite to spend on such an expensive endeavour was part of the country’s push to use a variety of sports as cultural, political and social investments to help the country quickly expand its influence. That strategy was vindicated in December 2024 when – following an uncontested bidding process – FIFA formally confirmed Saudi Arabia as the World Cup host for 2034, the first time the nation had ever hosted a flagship international sports tournament.


Over the past year, PIF, which has about $1 trillion in assets under management, has faced financial struggles and switched to treating its sports holdings as investments that need to make a return, a move that brings athletics in line with other sectors within the fund, according to people familiar with the matter. Spending billions on projects such as LIV Golf and over-paying superstars to join its domestic football league could no longer be justified, the people added.

That has PIF prepared to cut its funding to LIV Golf, according to people familiar with the matter. Discussions are ongoing and could include looking to find new backers of the league, one person said. LIV has previously hired Citigroup Inc. to find investors into LIV Golf teams. The LIV Golf chief executive officer said in a memo on Wednesday that the tournament will carry on despite the speculation.

Other sports have been impacted. The Women’s Tennis Association season-ending championship will leave Riyadh after this year’s tournament. Saudi Arabia also exercised an early opt-out clause to terminate its agreement to host the Next Gen ATP Finals ahead of schedule.

The PIF was also expected to be a major backer in the NBA’s push to launch a European league, according to multiple reports. However, the desire to invest has met internal pushback over recent weeks, according to a person familiar with the matter.