PGA vs. LIV: Why Saudi Arabia's $5B League Is Collapsing | WSJ What Went Wrong

TL;DR

LIV Golf is collapsing after Saudi Arabia's PIF cut funding, leaving its $5B experiment without a TV deal, sponsors, or a path to profitability.

Key Points

• 1.LIV Golf launched in 2022 as a Saudi-funded rival to the PGA Tour, immediately sparking controversy. Backed by Saudi Arabia's Public Investment Fund with over $5 billion spent, it was widely accused of sportswashing — using golf's popularity to rehabilitate Saudi Arabia's human rights reputation.
• 2.LIV's format disrupted traditional golf but failed to attract commercial support. Tournaments ran 54 holes over 3 days with simultaneous tee-offs and a team element, but ticket sales lagged, blue-chip sponsors were slow to sign on, and crucially, LIV never secured a major broadcast deal — leaving it almost entirely dependent on Saudi funding.
• 3.Saudi Arabia's PIF cut LIV's funding in April 2025, citing a new 2026–2030 strategic vision focused on domestic revenue priorities. In 2024 alone, LIV burned through hundreds of millions of dollars on eight-figure player contracts while generating insufficient revenue, making it an unsustainable money loser.
• 4.LIV stars who left the PGA now face uncertain futures, with the PGA Tour holding all the leverage. Brooks Koepka became the first superstar to rejoin through a one-time program, reportedly costing him up to $90 million in donations, forfeited bonuses, and lost equity — with no guarantee others will be reinstated.