Saudi Arabia's Public Investment Fund (PIF) will halt its funding of LIV Golf, according to an exclusive report by a foreign news outlet.
The Wall Street Journal reported on Oct. 29 local time, citing sources familiar with the matter, that LIV Golf will notify players and staff of the PIF's decision to end funding by Oct. 30 local time.
"But the PGA Tour is not ready to take back the players who left the league," the outlet added. "This move signals the end of LIV Golf, which had disrupted professional golf by pouring in billions of dollars and poaching top-tier players."
Launched in 2021 with backing from Saudi Arabia, LIV Golf drew attention by recruiting some of the world's top-ranked players and adopting a different format from the PGA Tour.
In its early stages, the league adopted a 54-hole, three-round format rather than the traditional 72-hole format, and allowed players to wear shorts, breaking with the formalities of golf.
However, despite spending $5 billion (about 7.38 trillion won) over four years, the league also exposed limits to its growth that fell short of expectations.
This year, reports have repeatedly emerged that the PIF, which had been providing financial support, would soon halt its backing. Although officials including LIV CEO Scott O'Neil sought to calm the situation by stating that "the league is secure and this season will proceed as planned without interruption," concerns have not faded.
Bloomberg and other outlets said they had reached out to LIV Golf regarding the Wall Street Journal's report but have not yet received a response.
Bloomberg projected that as Saudi Arabia has been hit by the fallout from the ongoing war with Iran, it will shift its sports investments to other, more profitable areas.
