LIV Golf loses PIF funding: What are the legal implications?
On[1] Thursday 30 April 2026, LIV Golf announced 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”.[2] Shortly thereafter, the Public Investment Fund of Saudi Arabia (“PIF”), which is reported to have invested over USD 5 billion into the league, confirmed that it will cease funding at the end of the 2026 season, citing that “the substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy.”[3] Related references to PIF’s “investment priorities” and “current macro dynamics” potentially hint at wider economic uncertainty in the Middle East, as a result of the ongoing regional conflict and associated disruption to global financial markets due to the US - Iran issue.
Given both its reliance on funding from the PIF and the extent of its losses to date, LIV’s continuation in its current form beyond 2026 is by no means assured. Media outlets have reported that LIV may be seeking financing in the range of USD 250 million to USD 350 million from potential new investors.[4] However, it remains to be seen if that level of investment can be secured and, if so, whether the long-term future of the disruptor league is sustainable.
This article examines the legal questions LIV Golf’s restructure raises and examines:
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Written by
Zachary Sananes
Zachary is a partner in the Commercial Litigation and Securities Litigation team at Stewarts Law LLP.
He has significant experience acting on a wide range of complex and high value commercial disputes. In recent years, Zach has participated in several trials in the Business and Property Courts, as well as hearings in the Court of Appeal and Supreme Court, on a variety of different legal issues. Zach is regularly involved in multi-party cases (including group litigation), often with cross-border elements.
Jack Barlow
Jack joined Stewarts in July 2021. He trained at Forsters and qualified into their Dispute Resolution team in September 2019.
Before becoming a solicitor, Jack completed an undergraduate degree in History at Trinity College, University of Cambridge. He subsequently obtained his Graduate Diploma in Law and Legal Practice Course at the University of Law.
