LIV Golf release statement to confirm future plans as huge financial losses revealed

LIV Golf has released a statement detailing its future plans after it was confirmed that Saudi Arabia’s funding will be withdrawn at the end of the season.

On Thursday, it was widely reported that Saudi Arabia will withdraw its multi-million-pound funding of LIV Golf just five years after the breakaway league was founded.

Co-founder Yasir Al-Rumayyan, who is Premier League club Newcastle United’s chairman, is also reportedly set to step down from his role as chairman of LIV.

According to Sky Sports, LIV has also discussed its future plans with all 13 team captains, such as Bryson DeChambeau and Jon Rahm.

Earlier this week, the league postponed its New Orleans event, which was initially set to take place in June, with the next event likely to be held at Trump Bedminster in early August.

LIV outline future after Saudi funding cut

In a statement released on Thursday, LIV said it was attempting to “secure long-term financial partners” with a view to safeguarding the future of the league following the Saudi funding cut.

Reports are also circulating suggesting that several players have contacted the PGA Tour about a potential return, with a report from Golf Digest saying the organisation would provide a pathway back.

“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,” LIV’s statement read.

“This strategic evolution, accelerated by the league’s record-breaking performance in 2026, includes the appointment of a newly established independent board led by Gene Davis and Jon Zinman, seasoned experts with proven track records of navigating complex situations and unlocking value for global organisations, to guide the league through its next phase.

“Mr Davis and Mr Zinman, working in lockstep with management, are focused on institutionalising the league and evaluating the range of strategic opportunities that have emerged with the league’s rise.”

A separate statement from Davis read: “LIV Golf has built something truly differentiated – a global league with passionate fans, world-class talent, and demonstrated commercial momentum.

“The executive leadership team, along with Jon and me, see a clear opportunity to help the league formalise its structure, attract and secure long-term capital, and position the business for growth while continuing to promote the game across the world. We look forward to positioning LIV Golf for future success.”

LIV stance on Newcastle United

The statement did not address reports that Al-Rumayyan is set to step down, although the Saudi Arabian will head to Tyneside for a two-day summit to discuss Newcastle United.

According to Chronicle Live, Newcastle remain part of the PIF’s strategic portfolio despite rumours of a potential sale.

Saudi Arabia’s Public Investment Fund (PIF) owns around an 85 per cent stake in the Magpies, having purchased the club for a reported £305 million back in 2021.