Saudi Fund Pulls Plug on LIV Golf

Saudi Fund Ends LIV Golf Funding Saudi Arabia's Public Investment Fund (PIF) will cease financial backing for LIV Golf at the conclusion of the current season, impacting the future of the breakaway golf series. This decision, announced on Thursday, follows a strategic re-evaluation of PIF's investment priorities amid a significant budget deficit and evolving macroeconomic conditions.

The PIF's withdrawal from LIV Golf, which has incurred substantial losses since its 2022 launch, aligns with a broader shift in the fund's investment strategy towards sustainable value creation and long-term returns. This re-prioritization is driven by a $73 billion budget deficit in the past year, attributed to increased spending and reduced oil revenues. The change also reflects the substantial infrastructure and delivery costs associated with Saudi Arabia hosting the 2034 FIFA World Cup.

While LIV Golf funding ends, PIF maintains commitments to other sports investments, particularly those with mass appeal within Saudi Arabia. The kingdom will host the Esports World Cup and a major boxing event in July, the AFC Asian Cup in 2025, and is developing a new Formula 1 circuit. However, other sports ventures, such as the WTA Finals and the Saudi Arabia Snooker Masters, have seen reduced or terminated commitments, indicating a selective approach to future sports investments.